In a Contract in Which a Tenant Borrowed Money from a Bank

question 50

Multiple Choice

In a contract in which a tenant borrowed money from a bank for the purpose of adding a bathroom to her apartment, the landlord is:

• A) a direct beneficiary.
• B) in privity of contract with the tenant.
• C) a third-party beneficiary.
• D) an incidental beneficiary.

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard expected quantity, multiplied by the standard cost per unit.

Standard Pounds

A measurement unit used to standardize or reference weight in the production or processing of materials.

Labor Quantity Standard

The predetermined amount of labor time expected to be consumed during the production of a good or service.

Downtime

The period during which an asset or system is not operational or productive, often due to maintenance or repair.