An Offer That Terminates by Operation of Law Through ____

question 65

Multiple Choice

An offer that terminates by operation of law through ____ occurs when a court decision or legislation makes an offer illegal after it has been made.

• A) mental incapacity
• B) court intervention
• C) real illegality
• D) intervening illegality
• E) intervening legality

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Definitions:

Three Inventory Accounts

Refers to the three main types of inventory accounts on the balance sheet: raw materials, work-in-progress, and finished goods.

Direct Materials

Raw materials directly used in the manufacturing of a product, directly traceable to the finished product.

Office Supplies

Items like pens, paper, calculators, and computers that are used on a daily basis within an office setting.

Permanent/Temporary

Refers to accounts in accounting: permanent accounts are balance sheet accounts that carry over into the next accounting period, while temporary accounts are income statement accounts closed at the end of the accounting period.