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The amount of time spent by each employee and the labor costs incurred for each individual job or for factory overhead are recorded on the:
Oral Assignments
Assignments or agreements made verbally rather than in writing; depending on the context, they may not be legally binding.
Notice of Assignment
A formal notification that a contract or property has been legally transferred from one party to another.
Statute of Frauds
A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged.
Promissory Estoppel
The legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.
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