Which of the Following Is True with Regard to Contract

question 114

Multiple Choice

Which of the following is true with regard to contract law?

• A)An option is a contract in which one person is buying a period of time within which he may accept the offer contained within the option.
• B)A newspaper notice offering to pay a reward for the return of lost kittens is an invitation to treat.
• C)A revocation is effective only when sent.
• D)An important criterion for determining the place of the contract is the place where the offer is mailed.
• E)A counter-offer does not end an offer.

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Definitions:

Factory Overhead

Costs related to the manufacturing process that are not directly attributable to the product being manufactured, such as utilities and maintenance of equipment.

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, including assets, liabilities, and shareholders' equity.

Manufacturing Business

A business model that transforms raw materials into final products utilizing workers, machinery, and tools.

Direct Materials

Materials that can be directly associated with the production of specific goods, integral to their manufacturing.