The Phrase "Innominate Term" Is Defined as a Term That

question 11

Multiple Choice

The phrase "innominate term" is defined as a term that

• A)is unimportant and,if breached,leads only to damages.
• B)was not numbered,or included,with conditions and warranties among the types of terms that courts traditionally recognized.
• C)one party has nominated,or chosen,to sue upon as either a condition or a warranty.
• D)is unnamed because it is not called either a condition or a warranty.
• E)leads to nominal damages if it is breached.

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Definitions:

Overhead Cost Variance

The difference between the actual overhead incurred and the overhead that was expected or budgeted.

Management By Exception

A management strategy where leadership steps in only when performance deviates significantly from standards, focusing on the exceptions rather than routine operations.

Price Variance

The difference between the actual price paid for something and its standard or expected price, often analyzed in cost accounting.

Quantity Variance

The difference between the expected and actual quantity of materials used in production, reflecting efficiency in material usage.