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

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

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: 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: Under what conditions should a contingent liability berecorded?

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

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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: 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: A contract does not qualify for revenue recognition if Either party can unilaterally cancel the…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: The duty owed under the mitigation of damages doctrine depends on the nature of the breached…

A: A breach of contract occurs when one party in a binding agreement fails to deliver according to the…

Q: PFRS 7 applies to contracts to buy or sell a non-financial item that are outside the scope of PFRS…

A: The given statement is False... This IFRS applies to contracts to buy or sell a non-financial item…

Q: How is a trademark different from a license?

A: Trademark A trademark is the familiar logo or catchphrase that consumers associate with a certain…

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: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

A: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

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

A: INTRODUCTION: A warranty is a legally binding assurance that a product is suitable for its intended…

Q: To be recorded as a liability, does the obligation have to be absolute?

A: Accounts payable, short-term loans, interest payments, bank overdrafts, and other similar short-term…

Q: Define promissory note. Who are the original parties to a promissory note?

A: A promissory note is a valid, financial instrument in which one party guarantees another to settle…

Q: 7. Provide an example of when the principle of a quasi-contract may be enforced by the court?

A: The answer for the theory question on Quasi contract is discussed hereunder : The enforcement of a…

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: Is variable consideration included in the calculation of a contract’s transaction price? If so, how…

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Q: A contract that only one of the parties can enforce in a court is not valid. True False

A: An agreement containing various terms and conditions; rights and obligations to perform that are…

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

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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: 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: 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: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: Which of the following damages are also referred to as special damages because they arise outside…

A: Option a: This option is incorrect because, liquidated damages are predetermined damages specified…