If the Buyer in an Oral Contract for the Sale

question 45

Multiple Choice

If the buyer in an oral contract for the sale of land has paid any portion of the sale price,has begun to permanently improve the land,or has taken possession of the land,the courts will consider the contract partially performed under the theory of ________.

• A)substantial performance
• B)partial performance
• C)sales substantiation
• D)legal admission
• E)action against interest

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Definitions:

Variable Costs

Costs that vary directly with the level of production or business activity, such as raw materials and labor.

Fixed Costs

Expenses that remain constant in total regardless of changes in the level of business activity or output.

Net Income

The total amount of profits earned by a company after all expenses and taxes have been deducted from revenue.

Special Order

A one-time order that is not considered part of the company's normal ongoing operations, often requiring special pricing or terms.