A(n) is a transaction in which the agreement between two parties is specifically stated, whether orally or in writing.

Express contract

Explanation:

An express contract is one that is formed when the parties agree to the terms of the contract in writing or orally as at the time the contract is made.

The elements of a contract are clearly stated during the agreement. That is the offer, acceptance, and consideration.

Examples of express contract are real estate contract and employment contract.

On the other hand implied contract are those that are not based on a written contract. For example if a person purchases a television it is expected to power on. This is an implied contract and of the television does not power on the buyer can sue the seller for breach of contract.

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

answerthe above statement is false;