The contract of sale is a consensual contract. a. True b. False
Q: In a sale-leaseback transaction the owner of an asset sells it and immediately leases it back from…
A: Sale-Leaseback approach: In the sale-leaseback approach, the owner of the leased asset sells it and…
Q: The following certain attributes present into a contract to determine whether the arrangements with…
A: Revenue can be recognized when there is a contract with the customers and performance obligation has…
Q: The contract rate is above the market rate. The contract rate is equal to the market rate.
A: The correct answer is option (a) The contract rate is above the market rate.
Q: For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I.…
A: For PFRS 15 to apply, a contract with a customer should meet the following conditions : I. The…
Q: Which of these three characteristics (I, II, and III) are required in order for a promised good or…
A: Promised goods or services will be considered distinct if: When it is capable to being distinct…
Q: Would the sale be on an underwritten or bestefforts basis?
A: It is one of the most significant capacities in the money related world wherein an individual or a…
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: 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: 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: It’s a contract whereby a person binds himself to render some service or to do something in…
A: Introduction: A contract is a legally enforceable agreement that creates, defines, and governs…
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: Dani signed a Cheque to F with a value of $10000 pa BLOM BANK.The cheque
A: Step 1 “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: 38. In which of the following contracts may full payment of the price become the operative act that…
A: The contracts upon the full payment of the price become the operative act that transfers ownership…
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: uaranty constituted to guarantee the obligation of a guarantor: a. Legal guaranty b. Conventional…
A: Solution: Guaranty constituted to guarantee the obligation of a guarantor is "Double or…
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: CFD is a derivative contract. Yes or No
A: Contract for Difference are also called as CFDs.
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: 46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2.…
A: In the given case as per contract of law contracts are binding between the parties who entered into…
Q: Which of the following is NOT a characteristic of a forward contract? Forwards are private contracts…
A: Forward contract is one of the type of agreement or contract, which is made for future period of…
Q: S1: Pactum commissorium is a stipulation whereby the thing used as security shall automatically…
A: Upon the debtor's failure to pay the principal obligation, automatic appropriation is done by the…
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: 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: 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: When a bidder submits a proposal, does that act complete a contract? Explain.
A: For a stated cost, it is necessary to submit a bid to do the venture. Even the staff and machinery…
Q: The following item indicates that the promise good and service are not distinct, except
A: Explanation : Good and service are not highly dependent and not highly interrelated with the goods…
Q: 10.Ijarah is explained by which of the following (A)Contract for usufruct (B)Contract of…
A: Ijarah means to give something on rent. It is defined as ‘to transfer the usage of a non-consumable…
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: 17. Which of the following contracts is not governed by the rule on double sale? Group of answer…
A: Double Sale: The rule on double sale as provided in Article 1544 of the Civil Code states that: If…
Q: seller agrees or obliges
A: TRUE defines a contract of sale as a contract whereby one in all the catching parties obligates…
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: Explain
A: There are several forms of business organisation. These are sole proprietorship, partnership and…
Q: Which type of contract contingency is most likely to A O Financing contingency. BO Partner approval…
A: The right answer is option a Financing contingency
Q: Does contract modification always result in a new contract if the modification adds distinct goods…
A: The given situation can be linked with International Financial Reporting Standards (IFRS) 15 which…
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: Describe the types of Musharakah contracts and give ONE (1) example for each type.
A: Musharakah contracts: Musharakah is a joint partnership arrangement in Islamic finance in which…
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: How does a seller financing differ from a land contract ?
A: In the real estate context, seller financing means the seller transfer the title to the buyer of the…
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…
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: Determine if this shall result in recognition of liabilities 14.Violation of the terms of a…
A: As per IAS 37 of IFRS Provisions, contingent liabilities and continent assets A contingent liability…
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- A contract modification always results in a new contract if the modification adds distinct goods or services at a price that reflects their stand-alone selling price. A. True B. FalseThe seller of an option contract has the to buy or sell the underlying asset while the buyer of an option contract has the to buy or sell the underlying asset. O O O A right; obligation B с D obligation; right right; right obligation; obligationTrue or False
- Which one of the following is true about a firm commitment? Select one: a. A firm commitment is a contract that allows both the buyer or seller an option to engage (or not) in a long-term transaction. b. A firm commitment is a transaction that has already occurred and the commitment to pay or receive payment is pending. c. A firm commitment occurs as a result of a historical relationship and there is an expected commitment to engage in a transaction in the future. d. A firm commitment is an agreement with legally enforceable termsWhich of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized. A. I, III, IV B. II, IV C. I, II, III D. I, II7
- 9. Which one of the following is not a condition for a valid contract? A. There must be no known reasons to prevent its completion. B. There must be at least two competent and identifiable parties. C. It must involve the transfer of a specified amount of cash. D. The terms and conditions must be specified.What is an option? OA) A contract that is derived from some other underlying quantity, index, asset or event. B) A contract that gives the holder the right to buy or sell something at a specified price. C) A contract that gives the holder the right to sell an instrument at a pre- specified price. D) A contract that gives the holder the right to acquire an instrument at a pre- specified price.In a sale and leaseback transaction, which of the following statements is most incorrect? A. The seller-lessee records a rent expense. B. The buyer-lessor recognizes an gain. C. The seller-lessee derecognizes an asset. D. The buyer lessor recognizes an income.
- Statement I: In case of doubt, a contract purporting to be a sale with right of repurchase is construed as an assignment of rights. Statement II: The creditors of the vendor cannot make use of the right of redemption against the vendee until after exhausting the property of the vendor. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.Distinguish among (1) express and implied contracts; (2) unilateral and bilateral contracts; (3) valid, void, voidable, and unenforceable agreements; and (4) exe- cuted and executory contracts.1. A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest rate allowed. C. equally at fault. 2. A judicially decreed incompetent will enter into a void/voidable/valid contract. A. Void B. Voidable C. Valid 3. A sales contract has an implied condition precedent/condition concurrent/condition subsequent. A. condition precedent B. condition concurrent C. condition subsequent