True or False. An arbitration clause in a contract requires that any dispute concerning the contract be resolved by a mediator.
Q: e forward rate is not at parity during the outset of the contract, which theory of term structures…
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Q: The following certain attributes present into a contract to determine whether the arrangements with…
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Q: For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I.…
A: For PFRS 15 to apply, a contract with a customer should meet the following conditions : I. The…
Q: Which of these three characteristics (I, II, and III) are required in order for a promised good or…
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A: An onerous contact is a term used in accounting to denote a contract that is costlier than its…
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: Give the SECOND 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: What factors must any company consider before accepting a special-order contract?
A: Company has to consider following points while accepting special order: 1. Potential effect on sale…
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: In a destination contract for the sale of goods, which of the following is true concerning when the…
A: A destination contract is a contract made for the sales of goods under which the seller promises to…
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A: Introduction: A contract is a legally enforceable agreement that creates, defines, and governs…
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A: The contracts upon the full payment of the price become the operative act that transfers ownership…
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A: Introduction:- Accounts receivable should be recorded when no extra performance commitments are…
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: A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further…
A: Bill of exchange: A Bill of exchange is a writing document that contains the information to confirm…
Q: Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue…
A: As per ASC 606, A contract is an agreement between two or more parties that creates enforceable…
Q: Who may institute action for annulment of voidable contracts? Briefly discuss.
A: Contract Act- The Indian Contract Act of 1872 lays out the groundwork for forming a legally binding…
Q: Under - PFRS 15, when shall entity recognize revenue from contract with customers? Select the…
A: The revenue should be satisfied only when the services or goods that have been transferred at a…
Q: The contract of sale is a consensual contract. a. True b. False
A: Sales on Account A sales on account revenue is revenue earned by a company by selling its goods on…
Q: Arbitration is a judicial process in which parties submit grievance to an arbitrator who makes a…
A: Arbitration is an agreement in which parties agrees to resolve the dispute by a settlement.
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: What is a Contract for Difference
A: Contract for Difference are also referred to as CFDs.
Q: Which of the following is a transfer of a party's rights under a contract to someone else O Novation…
A: The rights and authority of a contract can be transferred from one party to another in contract law.…
Q: Which of the following is not a condition in the determination of when a valid contract exists: O…
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Q: Under the new revenue recognition guidance in ASC Topic 606, which of the following statements is…
A: In accounting, ASC stands for Accounting Standards Codification as defined by the financial…
Q: Unconditional rights to receive consideration because a performance obligation has been satisfied…
A: Lets understand the meaning of term given. As per IFRS 15" Revenue from the contract with the…
Q: Under which of the following circumstance a contract does not exist a- The contract was not…
A: In order to make an agreement valid contract, the following conditions need to be fulfilled: There…
Q: Either party can choose to the contract in cases where both partiess to a contract are mistaken…
A: Mutual Mistakes is the result of an error by both parties about a material fact, i.e., one that is…
Q: TRUE or FALSE. A distinct good or service can be described as Not interrelated with other goods or…
A: Goods- Goods include things you can typically consume or possess, such as clothing, food,…
Q: on the advantages and/or criticisms of the two theories. according the economic theory of contract…
A: By banning involuntary appropriation, property law promotes people to get the most out of their…
Q: How will you differentiate contract of sale from contract to sell?
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: Create an example of a contract that has the credit to be legal, the contract must be in writing…
A: One of the example:- "On Apr 9, 2021 John borrowed from Morgan a total of $100,000 at an interest of…
Q: A written contract takes priority over a prior oral agreement Ture or false
A: A contract can be in writing, be oral, be inferred by conduct or formed using a combination of all…
Q: Binding arbitration means that Group of answer choices the rules of the hearing will be strict in…
A: Binding arbitration is critical to memorize since, rather than a case, it may be a common strategy…
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: If a contract modification does not create a separate contract, it is accounted for using either a…
A: The correct answer is “either a cumulative catch-up adjustment or a prospective approach”.
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: Which of the following is NOT the correct statements regarding forward contracts? I. contain a…
A: A forward contract is a contract entered between the parties to buy and sell assets at a…
Q: The proper remedy for the following cases is reformation of the instrument, except for one. Which is…
A: Reformation can be defined as the remedy by means of which a written instrument is rectified or…
Q: Which of the following is not a condition in identifying the contract with the customer as per IFRS…
A: IFRS 15 establishea the principles that an entity applies when reporting information avout the…
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: contract purporting to
A: Statement I: In case of doubt, a contract purporting to be a sale with right of repurchase is…
Q: A performance obligation is: O A contract with a customer O Only enforceable when the contract is…
A: Performance obligation means where we enter in to a contract with customer to delivery specific…
Q: Under PFRS 15, when shall a consignor recognize revenue from its consignment sales? A When the…
A: SOLUTION- PERFORMANCE OBLIGATION IS A PROMISE TO DELIVER THE GOODS OR SERVICES IN LIEU OF PAYMENT…
Q: . A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Step 1 of the "five-step model" states that certain conditions must be satisfied before an entity…
A: Answer - Correct Option is Option C - It is certain that the entity will collect the consideration…
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- Formalities in a contract can be self-imposed by the parties to a contract. Select one: True FalseDetermine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.What is the proper accounting for a wholly unperformed contract?
- Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matterFactual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both in terms of a contract? 2. Can a contract be void if a value or quality error is made? Why do you think it is?Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.
- Determine whether the statement is legally correct (true) or not (false). Even where the contract has not been reduced to the required form, it is still valid and binding as far as the parties are concernedWhich of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choicesAn antenuptial contract must be notarially executed to be valid between the contracting parties. True or false?
- Which of the following is not a condition in the determination of when a valid contract exists: O The payment terms are identified. O The contract has to be in writing. O The parties have approved the contract. O It is probable that the consideration will be collected.A written contract takes priority over a prior oral agreement Ture or falseT/F 1.Sale is a mode that gives rise to a title 2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.
