The Term That Describes Differences Between Actual and Budgeted Results

question 21

Multiple Choice

The term that describes differences between actual and budgeted results is:

• A)divergence.
• B)discrepancy.
• C)mistake.
• D)variance.

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Definitions:

Construction Industry

A sector of the economy focused on the planning, designing, and building of infrastructure and buildings.

Frustration Of Purpose Doctrine

The Frustration of Purpose Doctrine is a legal principle allowing contract parties to be relieved from performing their obligations when an unforeseen event undermines the contract’s original purpose.

Impossibility Of Performance Doctrine

A legal principle that releases parties from their contractual obligations when an event occurs making performance objectively impossible.

Tender Of Performance

Tender of Performance refers to an offer by one party to perform their obligations under a contract, demonstrating readiness and willingness to fulfill the contract terms.