When the Parties to a Contract Do Not Expressly Agree

question 21

True/False

When the parties to a contract do not expressly agree on all the terms of their contract,it prevents the creation of a contract.

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Definitions:

Machine Hours

A measure of the amount of time a machine is in operation, used for allocating costs in manufacturing.

Spending Variance

The difference between the budgeted amount of expense and the actual amount spent.

Standard Rate

A predetermined cost or price used as a benchmark for evaluating the efficiency or effectiveness of operations.

Spending Variance

The difference between the actual amount spent and the budgeted amount for a specific period, indicating under or overspending.