The Restatement Second)of Contracts Defines Agreement As

question 8

Multiple Choice

The Restatement Second) of Contracts defines agreement as:

• A)an act,a forbearance,or a promise of such from a promisee.
• B)a contract that is inferred from the action of the parties.
• C)a manifestation of mutual assent by two or more persons to one another.
• D)an obligation said to be imposed by law in order to avoid unjust enrichment of one person at the expense of another.
• E)an unspoken conduct between the parties.

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Definitions:

Spending Variance

The difference between the actual amount spent on a particular item and the amount that was budgeted for it.

Indirect Materials Cost

This refers to the cost of materials that are necessary for the production process but do not become an integral part of the finished product.

Variable Cost

Costs that fluctuate in direct proportion to changes in the level of activity or production volume, such as raw materials and packaging.

Machine-Hours

A measure of the actual time a machine is operated, used in allocating manufacturing overhead costs to units of production based on usage of machines.