Which of the Following Is NOT an Element of a Contract

question 43

Multiple Choice

Which of the following is NOT an element of a contract for the sale of goods?

• A)Consideration.
• B)Agreement to sell.
• C)Transfer of property.
• D)Goods.

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Definitions:

Direct Materials

Direct materials are raw materials that can be directly attributed to the production of goods.

Product Costs

Product costs are the expenses directly associated with the production of goods, including raw materials, labor, and manufacturing overhead.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been purchased by customers.