20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B - Statutes of Limitation C - Illegality D- A lost contract 21. An impossibility to perform on a contract is when: A - No one can perform on the contract B - Only the person required to perform cannot perform on the contract C - It is difficult or inconvenient to perform on the contract D - None of the above

Q: None

A: A: "if the acceptor is unable to pay the face value on the maturity date, then it is obliged to draw…

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: Which of the following statements is not true about provisions? a. Examples of provisions include…

A: The amount that the business has set aside for anticipated future losses and uncertainties for which…

Q: Revenue should be recognized over time when a performance obligation is satisfied over time. That…

A: Given statement is: Revenue should be recognized over time when a performance obligation is…

Q: An intoxicated individual will enter in a void/voidable/valid contract A. Void B. Voidable C.…

A: An intoxicated individual will enter in a voidable contract.  Correct option is b.

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: None

A: Consequential Damages (Special Damages):Correct: These are specific financial losses that result…

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: Do you agree that contract should be interpreted based on an objective assessment of the parties…

A: In 2014, the Supreme Court of North American nation rendered 2 choices concerning the law of…

Q: According to​ FASB, when should a company journalize a contingent​ liability?     A. Do not…

A: According to FASB (Financial Accounting Standards Board), a company should journalize a contingent…

Q: Negative covenants tend to be less significant than affirmative covenants because they place direct…

A: > The answer is "FALSE"

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. Assume that your friend Jackie Chan, who is a Literature major, asks you to define and discuss…

A: Imagine borrowing a book from the library. You have a responsibility to return it, right? That…

Q: Wrongful Call insurance is intended to protect the exporter if an importer customer decides that the…

A: The answer is False.