Which of the Following Statements Is True

question 11

Multiple Choice

Which of the following statements is true?

• A) Contractual terms are only binding if both parties sign a document which contains those terms.
• B) Contractual terms are only binding if they are embodied in a document, whether written or typed, and both parties receive a copy.
• C) Express terms may only be agreed to in writing. Implied terms may only be agreed to orally.
• D) Parties may be bound to terms they have agreed to orally without ever putting them in writing.

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Definitions:

Step-Down Method

An allocation method used in cost accounting to assign overhead costs to products or departments, incorporating inter-departmental services.

Service Department Costs

These are costs associated with departments that do not directly produce goods but provide necessary services to production departments, like maintenance and cleaning.

Geriatric Medicine

A branch of medicine that focuses on health care of elderly people, aiming to promote health and prevent and treat diseases and disabilities in older adults.

Personnel Costs

Expenses related to employees, including wages, benefits, and taxes.