Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law

Q: What is the difference between contingent claims (options) and forward

A:

Q: Which Statements are TRUE regarding laws on obligations and contracts? 1. Freedom to contract means…

A: Laws on obligations and contracts come under the purview of Civil Law Legal System. These laws…

Q: First Statement: If the words of the contract are clear and leave no doubt on the intention of the…

A: Contract is made between the parties so that there will be no confusion left to either the parties…

Q: Why onerous contracts are considered as a provision, even though they do not always come with a high…

A: Onerous contract is the contract that would cost the business more to fulfill than what the company…

Q: What is the effect of the fulfillment of the condition in a conditional obligation? resolutory…

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

Q: As a general rule, one of the elements needed to make an agreement binding is consideration. True…

A: Consideration: A promisee gives a promisor something in exchange for it. Real or personal property,…

Q: What is the difference between an Offer for a unilateral contract and an Offer for a bilateral…

A: In unilateral contracts, one party offering the deal promises to pay when a certain act or task is…

Q: Explain the requisites of the negotiability of a  bill of exchange.

A: Bill of exchange is a negotiable instrument written by the drawer on a drawee where drawer gives an…

Q: Give example/illustration of reciprocal obligation. Explain why it is a reciprocal obligation.

A: A reciprocal obligation, also known as a reciprocal agreement, is a legal term for a…

Q: 1. If the forward rate is not at parity during the outset of the contract, which theory of term…

A: Step 1 Interest rate parity (IRP) is a hypothesis that states that the difference in interest rates…

Q: What is the difference between equity of redemption and statutory redemption?

A: The difference between equity of redemption and statutory redemption are:

Q: the stakeholders position is not protected by a contract -unlike the provider of debt- how is it in…

A: Shareholders are the individuals who get ownership of the organization when they invest in their…

Q: Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False

A: Contract is referred as an enforceable agreement, which helps in defining, creating, and also…

Q: in a conditional

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

Q: When the debtor binds himself to pay when his means permit him to do so, the obligation is:

A: When the debtor binds himself to pay when his means permit him to do so, the obligation is: Answer -…

Q: Which statement is incorrect in the measurement of a provision? * a. The risks and uncertainties…

A: Provisions are made when there is ambiguity about the relative price of discharge of these…

Q: If the shareholder’s position is not protected by a contract – unlike the provider of debt- how is…

A: The shareholders have ownership of the company. The providers of debt are the creditors of the…

Q: Discuss the effects of ratification in voidable contracts

A: A contract that contains one or both of these flaws can nonetheless be regarded legally binding if…

Q: s the principle of caveat emptor (let the buyer beware) be applied to

A: The principle of caveat emptor is very old concept that favor more to the seller of product and…

Q: Short-term obligations are reported as noncurrent

A: Short-term obligations are liabilities to be settled within one accounting year.

Q: What is an onerous contract? Give two examples of an onerous contract.

A: When the cost of carrying out unavoidable obligations exceeds the benefit expected to be received…

Q: As a rule, when an obligation is subject to a condition, it is constituted the moment the condition…

A: The given statement is True... As a rule, when an obligation is subject to a condition, it is…

Q: Which of the following is not a condition in the determination of when a valid contract exists: O…

A: In accordance with IFRS 15, a contract with a customer is said to exists only if the following…

Q: Which of the following is not a condition in identifying the contract with the customer as per IFRS…

A: As IFRS 15 - Revenue from Contracts with Customers, The standard provides a single, principles based…

Q: Discuss the priorities among the various parties who may have competing interests in collateral and…

A: Debtor refers to the entity who is a legal entity and the one who owes a debt to another entity. And…

Q: practice, which one of the following factors plays the most important role in the distribution of…

A: When company goes for liquidation than company distribute the funds available for distribution among…

Q: Explain the rights of a creditor against a surety and the rights of a surety, including those of a…

A: Surety bond used to involve the promise through the one party by assuming the responsibilities…

Q: Give examples of obligations or contracts which are contrary to good custom.

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Q: What exceptions are there to contracts that normally require a writing to be enforceable?

A: It is being written under the law that all agreement which are in writing could only be enforceable…

Q: An antenuptial contract must be notarially executed to be valid between the contracting parties.…

A: A contract entered into by a couple before their marriage, and restricting to retain their assets…

Q: characteristics of the contract of pledge?

A: Answer: Contract of pledge can be defined as the contract that is established between the parties…

Q: Which are the terms and condition on CONTRACT FOR FUTURE DEED?

A: Contract for future deed is an agreement which provides for the finance by the seller for the sale…

Q: How might the definition of “probable” affect determining whether a contract exists under IFRS as…

A: GAAP: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules…

Q: What is the meaning of “counter-offer” in relation to the law of contract?

A: Counter Offer is a type of offer given in response of original offer.

Q: Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue…

A: Revenue is described as the amount which is earned by the business through sale of its goods or…

Q: The following obligations are immediately demandable, EXCEPT:     a pure obligation  obligation with…

A: There are obligation to be paid immediately but there are some conditional liabilities they occur…

Q: Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.

A:

Q: Give the FIRST exception to the general rule that: If the consideration of the contract consists…

A: If the consideration of the contract consists partly in money and partly in another thing, the…

Q: A note secured by a deed of trust provides for an automatic action of the laws known as a.​a strict…

A: A deed of trust is a document that is used when one party has taken out a loan from the other party…

Q: The relationship between a banker and its customers are not only fiduciary in nature but contractual…

A: A bank may be a financial organization that's allowed to simply accept deposits and supply loans.…

Q: at transactions do you prefer to use negoti

A: Negotiable instruments are written contracts whose benefit could be passed on from its original…

Q: In accordance with AASB 9, the recognition of a financial asset or financial liability will be…

A: Following is the answer to given question

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: When will a person be bound by a contract entered into by another?

A: Introduction: A contract is a written or verbal agreement between 2 or more entities that generates…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.