Termination of an Offer by Operation of Law Occurs

question 521

Multiple Choice

Termination of an offer by operation of law occurs:

• A) if the offeree decides to revocate
• B) by death of the offeror
• C) if the offeree claims a lapse has occurred
• D) if the offer was an option contract
• E) all of the other choices are correct and termination occurs

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Definitions:

Total Direct Labor Variance

The difference between the actual cost of direct labor used to produce goods and the standard cost of direct labor expected for those goods.

Rate

A measure, quantity, or frequency, typically one measured against another quantity or measure.

Hours

Units of time, each equal to 60 minutes, used often as a measure for billing, labor, or scheduling.

Direct Labor Time Variance

The difference between the estimated time for direct labor to complete a task and the actual time taken, indicating efficiency or productivity issues.