When Dimock Construction's Designer House #10 Is Completed, Dimock's

question 48

Multiple Choice

When Dimock Construction's Designer House #10 is completed, Dimock's

• A) work in process is increased.
• B) total assets are increased.
• C) work in process is decreased.
• D) total assets are decreased.

---

Definitions:

Simple Contract

A written or verbal contract not under seal; also called a parol contract.

Legal Liability

The state of being legally responsible for something, such as a debt or obligation.

Third Party

An entity or individual who is not directly involved in a transaction or legal matter but may be affected by it.

Offer

A proposal presented by one party to another as a basis for negotiations or forming a contract.