Examlex
Cryolite uses a standard costing system to gauge results for their single product. 70,000 kilograms of direct materials were purchased for $385,000. Two kilograms of direct materials are needed to produce one unit of product. In March, the company produced 12,000 units. The standard cost allowed for direct material was $120,000, and there was an unfavourable direct materials efficiency variance of $2,500. (CMA) Cryolite's standard cost for one kilogram of direct material is:
Steinberg v. Chicago Medical School
A legal case involving the issue of whether a private medical school acted improperly in the admission process, considering contractual obligations.
Material Misrepresentation
A false statement of fact made by one party to another, which, if had been known to be false, may have influenced the decision to enter into a contract or agreement.
Quasi-Contractual Agreement
An arrangement that is not an official contract but is treated as such by a court to prevent a party from being unjustly enriched at the expense of another.
Unconscious
pertains to a state where a person is not awake and aware of their environment, often resulting from illness, injury, or medical intervention.
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