In Which of the Following Does a Contract Arise Not

question 89

Multiple Choice

In which of the following does a contract arise not from words but from the conduct of the parties?

• A)Liquidated contracts
• B)Bilateral contracts
• C)Implied contracts
• D)Unilateral contracts
• E)Express contracts

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Definitions:

Perpetual Inventory System

A method where inventory quantities and cost of goods sold amounts are updated continuously as sales occur and purchases are made.

Lower-of-cost-or-market

An accounting principle that values inventory at the lower of its historical cost or current market price.

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the weighted average of all units purchased.