FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Give examples of obligations or contracts which are contrary to good custom.
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- Explain the rights of a creditor against a surety and the rights of a surety, including those of a cosurety.arrow_forwardTRUE or FALSE. A distinct good or service can be described as Not interrelated with other goods or services in the contract (T/F) Highly dependent on another service in a contract (T/F) Can be used on its own or in combination with other goods or services (T/F)arrow_forwardWhich of the following damages are also referred to as special damages because they arise outside the contract? Multiple Choice Liquidated damages Consequential damages О Punitive damages Compensatory damagesarrow_forward
- Which of the following is not a secondary mode of extinguishing obligations? * Changing the object of the obligation with the consent of the parties Death of both parties Compromise Prescriptionarrow_forwardWhich 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 matterarrow_forwardWhich of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized. A. I, III, IV B. II, IV C. I, II, III D. I, IIarrow_forward
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