The balance sheet is a snapshot of the entity. Which of the following is included on the balance sheet?

Santos told his friend Ernesto that he would sell Ernesto his car for $5,000. However, on the day of the sale, Santos refused to sell the car for the agreed-upon price and demanded more money

Which of the following statements is true in this scenario? A) Ernesto can sue Santos as their oral sales contract was binding. B) Santos has violated Section 2-2011. of the Uniform Commercial Code (UCC). C) The oral contract to trade a car for $5,000 is not binding, according to the Uniform Commercial Code (UCC). D) Santos has violated Section 2A-2011. of the Uniform Commercial Code (UCC).

The order of magnitude cost estimate is used when:

A) Ballpark estimates are not considered accurate enough. B) Historical data are readily available. C) Information or time is scarce. D) Parametric estimation has already been performed.