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

Q: What's the difference between IFRS and US GAAP when it comes to the word "contingent liability"?

A: Contingencies - Existing Condition involving uncertainty that may result in possible gain (gain…

Q: Fiduciary responsibilities are critical part of which relationship---customer or client? Why?

A: Fiduciary responsibility is the harmonious relationship of trust between a fiduciary agent and a…

Q: Determine whether the statement is legally correct (true) or not (false).  Even where the contract…

A: The business can be run by the individual in the form of sole proprietorship, or it can be run as a…

Q: When a contract includes an option to buy additional goods or services, when does that option give…

A: Contract: Contract is a written document that creates legal agreement between the parties for buying…

Q: What is the difference in Forward Contracts and Future Contracts

A:

Q: Why would the existence of conditions subsequent and precedent affect the discharge of a contract?

A: A contract is an agreement between more than one person to perform the duties mentioned in the…

Q: Explain the accounting for contract modifications.

A: Contract modification may occur when any addition, change or cancellation of specific terms and…

Q: True or False. An arbitration clause in a contract requires that any dispute concerning the contract…

A: The arbitration clause works in case of legal disputes between parties. It deals with the party's…

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

A:

Q: explain personal security exemption as one of the most commonly-litigated exemption.

A: The answer is stated below:

Q: Distinguish between a warranty against infringements and a warranty of no interference.

A: INTRODUCTION: A warranty is a legal phrase that guarantees that a product is fit for its intended…

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: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: in a conditional

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

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

A: The contract is an agreement forming a relationship between two parties in such a way that if any of…

Q: 1. An agreement enforceable by law is known as: a) Promise b) Contract c) Obligation ) Lawful…

A:

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: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: Which of the following arises when the seller's right to consideration from a customer is…

A: A receivable is recognized by the entity when the entity's right to consideration is unconditional…

Q: How does a seller allocate a transaction price to a contract’s performance obligations?

A: Transaction price: Transaction price is the amount of consideration that is estimated by the company…

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: Describe what a 'debenture' is and the typical nature and features of debentures.

A: What is a debenture? A debenture is a type of debt instrument that is not backed by any collateral…

Q: I. A provision is a present obligation which may either be legal or constructive. II. Even if a…

A: As per IAS 37 Provisions, Contingent Liabilities and Contingent Assets, A provision is a present…

Q: what is the liberty principle as it relates to contracts?

A: Introduction: The liberty principle is the idea that people should be free to contract with each…

Q: What do you mean by “Trust Deed” in context of debenture?

A: A trust deed moreover called a deed of trust could be an archive that's often used in Joined…