Good Faith Consultants Partnered with QuickFind IT Solutions for a Period

question 45

Multiple Choice

Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months. After three months, they wanted to extend the contract by two years. According to the Statute of Frauds, which of the following is true of the contract?

• A) The modification to the duration of the contract should be in writing.
• B) A new contract must be formed.
• C) The contract can be oral both before and after modification.
• D) Only the original contract should be in writing.

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Definitions:

Incremental Manufacturing Cost

The additional cost incurred to produce an extra unit of a product, reflecting only those costs that directly change with the level of production.

Production

Production involves the processes and methods used to transform raw materials or components into finished goods or services.

Units

A measurement of quantity for inventory, production, or financial calculation, indicating single items or entities.

Variable Cost

Expenditures that alter in correlation with production or service output levels.