The following are grounds for liability to pay damages, except: a. Negligence b. Fraud c. Contravention of the tenor of the obligation d. Advance
Q: (a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: may an action arising from negligence be waived? explain
A: Negligence refers to very small and insignificant result which needs to be inspect or check. The…
Q: State with reason whether the following statements are true or false Contingent liability is an…
A: Contingent liability can be defined as the liability that may occur on the basis of the outcome of…
Q: Briefly comment on the following questions or statements. a) Describe approaches to minimizing legal…
A: a) Legal liability refers to a situation which is answerable or responsible in law. It covers both…
Q: 4. Which of the following is truè õf a Olt is a potential liability that depends on a future event.…
A: Solution: A contingent liability is a potential liability that may result in outflow of resources in…
Q: resent obligation is not a contingent liability but shall be recognized as a provision when * a.…
A: Solution: Contingent liability is the liability which depends on the results of any future event…
Q: Explain the purpose of damages as a remedy for breach of contract in our law. Also explain how…
A: The purpose of contract remedies is, for the most part, to compensate the non-breaching party for…
Q: A contingent liability O always exists as a liability but its amount and due date are…
A: Contingent liabilty is a liability which has probable chances of becoming a liability in the near…
Q: In case the debtor does not make the application of payment nor the creditor does not also state in…
A: Answer: Whenever there is case of prefential payments to be made the statement of application is to…
Q: Use the following key (a-d) to identify the proper treatment of each contingent liability a. Record…
A: Introduction : Contingent liability: Contingent liability means it depends on happening or non…
Q: which of the following is true? a.When what is to be delivered is a generic thing, the creditor may…
A: The word contractual responsibilities refers to the tasks for which the parties to a contract are…
Q: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…
A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…
Q: the effect of the doctrine of privity of contract is that
A: The doctrine of privity of contract states that the contract law would not impose any obligation and…
Q: In duty to compensate the agent owes to pay an agreed-upon amount to the principal Select one True…
A: Solution Concept Agent principal relationship Agent are the person who works on…
Q: A provision may be the equivalent of an estimated liability or a loss contingency that is accrued…
A: In this question we will understand that how a provision may be equivalent of an estimated liability…
Q: Which of the following elements is not a requirement for a plaintiff to recover damages under the…
A: A tort is an act or omission that causes hurt or harm to another person and is treated as a civil…
Q: When an obligation is subject to an obligation, the moment the condition is fulfilled, the…
A: The following statement is True... When an obligation is subject to an obligation, the moment the…
Q: Factual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both…
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Q: The elements of a claim of Negligence are O Causation and duty O Proximate cause and actual cause O…
A: Negligence refers to the situation where proper care is not taken for something.
Q: If any contractual party breaches the obligation then what can be the course of specific action from…
A: Breach of contract: A breach of contract refers to a contract where two or more person comes into a…
Q: A court will not enforce a cotnract if the contract requires an action that is egregious, even if…
A: Egregious contracts mean those contracts which are severely one-sided and unfair to the other party…
Q: The accrual of a contingent liability and the related loss should be recorded when the a. Loss…
A: Accrued liability are refer as when probability of occurrence of the loss contingency is probable…
Q: Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in…
A: As per Generally Accepted Accounting Principles, liabilities refer to a present obligation that…
Q: A contingent liability should be recorded in the financial statements when the: Select one: a.…
A: Contingent liability is the liability that arises on an event may or may not happen. It is recorded…
Q: A provision is an existing liability of uncertain timing and uncertain amount True False
A: Introduction:- Provisions express funds put separately by a company to cover anticipated losses in…
Q: TRUE OR FALSE A liability can exist even if the party to whom the obligation is owed is not…
A: Liability:- A Liability is the amount owed from outsiders such as suppliers, creditors, investors,…
Q: For a liability to exist a. There must be a past transaction or event b. The exact amount must be…
A: Solution: A liability is a present obligation as a result of past event that requires outflow of…
Q: following are causes of extinguishment of a contract of deposit EXCEPT: a. Death of either party…
A: Solution: The following are causes of extinguishment of a contract of deposit EXCEPT "Loss or…
Q: Under what circumstances is a contingent liability reflected in the accounting records as though an…
A: Contingent liability: Liability that can occur in future depending on the outcome of an uncertain…
Q: Which of the following is not a ground for the extinguishment of an obligation? O Condonation or…
A: Following is the correct answer
Q: Briefly comment on the following question or statement. (a) Describe approaches to minimizing legal…
A: Liability refers to as financial obligations in which the person or entity owes to another person or…
Q: The law of torts is concerned with: O negligence. nuisance. trespass. All of the above.
A: Law of torts is a law to protect a person from the careless activities of another person.
Q: Which of the following mistakes that does NOT render an agreement defective?
A: The Agreement would be defective under following condition: 1. The Subject matter of the contract…
Q: 1. Insurable interest refers to O A. the item to be insured should be legal and not against public…
A: Insurable Interest forms subject matter of all insurance policies and is defined as follows
Q: Causation is not required for an intentional tort. Select one: O True O False
A: 1. FALSE The actor solicitations to beget the consequences of his act, or that he believes that…
Q: May an obligor be liable under an obligation subject to a suspensive condition although the…
A: When an obligation is subject to a suspensive condition, the creation of the obligation will depend…
Q: A commitment is a legal obligation that does not meet the technical requirements for recognition as…
A: Liability means the amount to be paid to an outsider by the business which is shown on liability…
Q: A lawsuit is an example of a contingent liability for the defendant. O True O False
A: Contingent Liabilities are the liabilities the outcome of which is unknown.
Q: When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably…
A: A contingent liability is the possible obligation which will only be confirmed by future event which…
Q: Under IFRS, a provision is the same as: a. a contingent liability. b. an estimated liability. c.…
A:
Q: Liability arises from all of the following situation except A negligent act Breach of duty…
A: Liabilities means the dues or obligations of the business organisation, which needs to be settled or…
Q: One of examples of contingent liability is an: * a. Obligations related to product warranties b.…
A: As per IFRS 37 provisions, contingent liabilities and Contingent assets. A provision is an present…
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- Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slanderThe duty owed under the mitigation of damages doctrine depends on the nature of the breached contract.TRUE OR FALSE A liability can exist even if the party to whom the obligation is owed is not specifically identified.
- Which of the following is NOT a valid type of compensation for breach of contract?Select one:a. Expectation Lossb. Liquidated Lossesc. Disappointment, Distress and Discomfortd. Specific PerformanceSuppose the analysis of a loss contingency indicates that an obligation is not probable. What accounting treatment if any is warranted?Which of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.
- What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or damaged due to fortuitous event, particularly as to the liability of the debtor in an obligation.The present obligation is not a contingent liability but shall be recognized as a provision when *a. Amount is reasonably estimable and event occurs infrequentlyb. Amount is reasonably estimable and occurrence of event is probablec. Event is unusual in nature and occurrence of event is probabled. Event is unusual in nature and event occurrs infrequently1. Which of the following is not an essential characteristic of a liability? * a. It is a present obligation that entails settlement by probable future transfer or use of cash, goods or services. b. The liability must be an unavoidable obligation. c. The transaction or other event creating the obligation must have already occurred. d. The obligation must be settled to an identifiable party.
- which of the following is true? a.When what is to be delivered is a generic thing, the creditor may ask a person other than the debtor to perform the obligation. b.Dolo incidente relates to the fraud committed at the time of the perfection of a contract. c.When negligence is imputed as a cause for the breach in an obligation, the same is presumed.may an action arising from negligence be waived? explainA lawsuit is an example of a contingent liability for the defendant. O True False
