All of the Following Are Elements of a Contract EXCEPT

question 670

Multiple Choice

All of the following are elements of a contract EXCEPT

• A) offer/communication.
• B) duty.
• C) price/consideration.
• D) acceptance.

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Definitions:

Administrative Expense

Costs related to the general operation of a business, including executive salaries, legal and financial fees, and other overhead costs.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales activities.

Contribution Margin

The amount by which sales revenue exceeds variable costs, indicating how much revenue contributes to fixed costs and profits.

Least-squares Regression

A statistical technique that identifies the optimal fitting line by reducing the sum of the squared vertical deviations of the data points from that line.