Which of the Following Sets of Concepts (As Discussed in Chapter

question 44

Multiple Choice

Which of the following sets of concepts (as discussed in Chapter 11) all represent ways in which the terms of a contract can be varied without the supply of fresh consideration?

• A)rescission and waiver
• B)release and waiver
• C)release and novation
• D)variation,waiver,and novation
• E)waiver,release,and rescission

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Definitions:

Variable Costs

Costs that change in proportion to the activity of a business.

Property Taxes

Taxes levied by local governments based on the assessed value of property, including land and buildings owned.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted, indicating how much contributes to covering the fixed costs.

Break-even Sales

The amount of revenue needed to cover both fixed and variable costs, resulting in no profit or loss.