In the Absence of a Statute Requiring a Writing, a Contract

question 49

True/False

In the absence of a statute requiring a writing, a contract may be oral or written.

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Definitions:

Fixed Overhead Costs

Costs that remain constant regardless of the amount of goods produced or sold, including items like rent, salaries, and insurance.

Flexible Budget

A budget that adjusts or flexes with changes in the volume or activity of a business.

Variable Overhead Costs

Costs that fluctuate with production volume, such as utilities for manufacturing facilities or materials used in production.

Direct Labor Hours

The aggregate number of hours put in by personnel directly participating in the creation of goods or delivery of services.