Milner Developers Proposed an Offer to Henry Wright,an Independent Contractor,offering

question 13

Multiple Choice

Milner Developers proposed an offer to Henry Wright,an independent contractor,offering to hire him for their next project.They offered him a certain rate and specified the contract details along with describing the stipulated mode of acceptance but received no response.Wright responded to the offer after a delay of two months with a quote for a higher amount than that mentioned by Milner Developers.Do the two parties have a binding contract?

• A) No,because the offer made by Milner Developers was ambiguous.
• B) No,because Wright's letter was a counteroffer to the original offer.
• C) Yes,because Milner Developers did receive a response from Wright.
• D) Yes,because Wright's silent signaled his acceptance of the offer.

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Definitions:

Overhead Costs

Overhead Costs are indirect expenses related to the day-to-day operations of a business, which are not directly tied to specific product production or services, such as rent, utilities, and administrative salaries.

Standard Hours

The set amount of time expected to complete a task or produce a good, used in planning and measuring efficiency.

Price Variance

The difference between the actual cost of a good or service and its planned or budgeted cost.

Material A

Material A most likely refers to a specific type of raw material used in production processes, identifiable by a unique characteristic or designation.