Which of the Following Is True Regarding Yasmeen's Claim That

question 50

Multiple Choice

Which of the following is true regarding Yasmeen's claim that she subjectively believed the book was an appropriate edition and that an enforceable contract,therefore,existed?

• A)She is correct because agreements for the sale of goods are based on a subjective theory.
• B)She is correct because contract law is based upon a subjective theory of contracts.
• C)She is correct because her genuinely held belief establishes that she did not commit fraud.
• D)She is incorrect because her subjective belief would not be the basis for a determination of whether the contract would be enforced in this case and also because fraud is not necessary in order to find a breach of contract.
• E)She is correct but only if Dylan subjectively believed the same as she did.

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Definitions:

LIFO

Last In, First Out; an inventory valuation method where the most recently produced items are recorded as sold first.

Inventory Costing Method

Refers to the techniques or formulas used by businesses to assign costs to their inventory and determine the cost of goods sold, such as FIFO, LIFO, or weighted average methods.

First-In First-Out (FIFO)

First-In, First-Out (FIFO) is an inventory management and valuation method where goods produced or acquired first are sold, used, or disposed of first.

Ending Inventory

The total value of all the goods a company has in stock at the end of a financial period, which have not yet been sold or used in production.