contract
Q: Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation…
A: CPA stands for Certified Public Accountant. A CPA is a licensed accounting professional who has met…
Q: one key difference between option contracts aND FUTURE CONTRACTS IS THAT IN AN OPTION CONTRACT, THE…
A: Option Contract-An options contract is a contract between two parties to facilitate a potential…
Q: Explain how the obligation for postretirement benefits is measured and how the obligation changes.
A: The answer for this question is given generally as each organisations can following their own…
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: Does the rule rendering an insurance contract voidable as a result of concealment apply with equal…
A: Property insurance is a type of insurance coverage that protects real or personal property against…
Q: When a contract includes an option to buy additional goods or services, when does that option give…
A: Contract: Contract is a written document that creates legal agreement between the parties for buying…
Q: What factors will the courts take into account when deciding whether a person is an employee or an…
A: In determining whether a person is an employee or an independent contractor, the courts will…
Q: In what circumstance would a property insurance claim be rejected?
A: An insurance claim is a written request for coverage or compensation from an insurance company for a…
Q: Why would the existence of conditions subsequent and precedent affect the discharge of a contract?
A: A contract is an agreement between more than one person to perform the duties mentioned in the…
Q: True or False? 1. An insurance contract is derecognized when it is extinguished and when it is…
A: An insurance contract is a contract between the two parties where one party promises to pay the…
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: Briefly explain the two types of compensatory damages in torts.
A: Compensatory Damages Courts award plaintiffs compensatory damages as recompense for harm the…
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: What is one of the drawbacks of the parol evidence rule? It permits the acceptance of extrinsic…
A: First let us discuss what parol evidence rule is. The term parol means extra. This rule comes under…
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: Which of the following would not be considered a general long term liability? Select one: a. Long…
A: Short term obligations are the obligations that have to be paid within a year. whereas, long term…
Q: Off-balance sheet financing means that a company has larger obligations than it shows on its balance…
A: The main objective of off-balance sheet financing is to show the debt liabilities of the company at…
Q: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…
A: Contract is referred as the legal enforceable agreement, which helps in creating, defining, and also…
Q: Determine whether the statement is legally correct (true) or not (false). 1. Conditions, interest,…
A: Sale represents that the seller would sell the goods or provide service in order to ear something in…
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…
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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: 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: What is the difference between a covenant not to compete in a contract versus a covenant not to…
A: Covenant A covenant is a formal legal agreement between two parties for doing or not doing some…
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: Vicarious performance
A: The Vicarious performance represents the contractual obligation that is performed by a third party…
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: Which of the following is a transfer of a party's rights under a contract to someone else O Novation…
A: The rights and authority of a contract can be transferred from one party to another in contract law.…
Q: Which of the following arises when the seller's right to consideration from a customer is…
A: A receivable is recognized by the entity when the entity's right to consideration is unconditional…
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: 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: 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: 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…
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