Where a Contract Is Unenforceable Because of the Statute of Frauds,a

question 25

True/False

Where a contract is unenforceable because of the statute of frauds,a party may recover the benefits conferred on the other party in reliance on the contract.

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Definitions:

Direct Material

Primary raw materials that can be specifically identified and directly charged to the manufacturing of a specific product.

Standard Quantity

This is the predetermined amount of materials or labor expected to be used in producing a unit of product or service.

Direct Material Price Variance

The difference between the actual cost of direct materials used and the expected (or standard) cost, which can indicate efficiency in purchasing materials.

Standard Costing

A cost accounting method that uses standard costs for direct materials, labor, and overhead to help managers control costs by comparing expected costs to actual costs.