Which of the Following Is True for Terms to Be

question 38

Multiple Choice

Which of the following is true for terms to be expressed in a contract under the common law of contract?

• A) Additional terms can be added during acceptance.
• B) Additional terms can be added without consideration.
• C) Gap-filling rules are permitted for time, delivery, and prices of goods.
• D) Contract must contain all the material terms of the parties' agreement.

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Definitions:

Unit Product Cost

The total cost incurred to produce, store, and sell one unit of a product, including direct materials, labor, and overhead.

Current Year

Refers to the ongoing calendar or fiscal year in which business is conducted or accounting is measured.

Income Statement

A financial statement that shows a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income.

Contribution Margin

The difference between sales revenue and variable costs of a product or service, indicating how much contributes towards covering fixed costs and generating profit.