. A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest rate allowed. C. equally at fault.

Q: A provision should be recognized when: O a. Present obligation from a past event, outflow that will…

A: Provision means an amount set side now to be payable in future because of some past event and…

Q: If a contract modification adds distinct goods or services and the contract price increases by an…

A: Any modification in the price or scope or both with regard to a contract by the parties to the…

Q: T/F   1.Sale is a mode that gives rise to a title  2. Nominate which means that it has been given…

A: The benefits of a contract can help provide security and peace of mind to both parties, as well as…

Q: (Fundamentals of Revenue Recognition) Respond to the questions related to the following…

A: Part 1 ) A full unperformed contract is the one when both the parties have not completed their part…

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: 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: 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: The standalone selling price of a performance obligation in a contract with a customer may not be…

A: The amount at which a business would charge a consumer for a single promised item or service is…

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…

Q: The fair value of a liability is defined as: a. the appraised value of the liability. b. the price…

A: The fair value of a liability is defined as the amount that would be paid when transferring a…

Q: Gross selling price includes: I. the amount of the seller's debt assumed by the buyer. II. the fair…

A: Selling price means the rate at which the goods are sold or services are provided by the…

Q: Choose the right option  All of the following statements are true about letters of intent except…

A: Letter of intent An agreement between two parties in which one party agrees to do business with the…

Q: ble instrument payable to the order of Dora, the rat killer is a A.) An order instrument B.)…

A: Negotiable Instrument  A signed paper that promises to pay a certain amount to a particular person…

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: [S1] Instead of PFRS 17, the standard applicable to contracts that principally transfer financial…

A: Here asked for multi question we will solve for first question for you.  If you need additional…

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: Forward contracts are: i) Standard contracts traded on organized markets ii) Settled at end of…

A: FORWARD CONTRACT: It is the customized contract between to parties to buy or sell the asset at…

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: Which of the following is true about forward contract expiration?  a.A deliverable forward contract…

A: On the date of expiration of a forward contract, settlement can be made on delivery basis or on cash…

Q: Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury…

A: A void contract is a formal agreement that is voidable from the moment it is signed. Although both…

Q: Factual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both…

A: pleas see the next step for solution

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: Answer to following multiple choice questions?  6. Murabaha is a ___________ based contract.   a.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Determine if this shall result in recognition of liabilities 12. violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and contingent assets A Provision is a…

Q: TRUE or FALSE 1. Statute of Fraud requires that certain executed contracts must be reduced into…

A: Comment- Multiple Questions Asked. 1) The statue of fraud requires that a certain contract to be in…

Q: When the debtor binds himself to pay when his means permit him to do so, the obligation is:

A: When the debtor binds himself to pay when his means permit him to do so, the obligation is: Answer -…

Q: Which of the following is not an issue that must be considered in determining transaction price?

A: The transaction price is the amount of money a seller anticipates receiving in exchange for…

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

A:

Q: seller agrees or obliges

A: TRUE defines a contract of sale as a contract whereby one in all the catching parties obligates…

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: 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: Statement I. If the pattern of the repairs cannot be established and the obligation for warranty…

A:

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: A contract modification always results in a new contract if the modification adds distinct goods or…

A: The given scenario can be linked with International Financial Reporting Standards (IFRS) 15 which…

Q: Which one of the following is true about a firm commitment? Select one: a. A firm commitment is a…

A: An underwriter's commitment to take on all risk is typically referred to as a firm commitment.The…

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…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.