MrBlue Enters into Negotiation with Mr

question 2

True/False

Mr.Blue enters into negotiation with Mr.Green to build a house.Both parties expected a written and signed purchase agreement.After agreeing on the terms,Mr.Green is told by his subcontractors that some of their prices have gone up.Mr.Blue objects and indicates that there was a contract when the parties agreed to the original terms orally.A court will find that no contract existed since the parties expected acceptance to be in written form.

---

Definitions:

Finished Goods Inventory

The total value of all completed products that are ready for sale but have not yet been sold.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.

Cost of Goods Manufactured

The total cost accrued in making products completed during an accounting period, including labor, material, and overhead costs.

Statement of Cost

A financial report that details the costs associated with producing goods, often used in manufacturing to assess production expenses.