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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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…
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