What is the meaning of “counter-offer” in relation to the law of contract?

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: 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: which are the terms and conditions for OPTION CONTRACT WITH SIMULTANEOUS TITLE CLOSING?

A: The option contract is an obligation to purchase the property in the future at a fixed predefined…

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: What is a land contract?

A: Land contract: A land contract is a course of action between a consumer and a dealer that applies to…

Q: What is the concept of sale-leaseback agreement?

A:

Q: What is the difference in Forward Contracts and Future Contracts

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: CFD is a derivative contract. Yes or No

A: Contract for Difference are also called as CFDs.

Q: Explain the accounting for contract modifications.

A: Contract modification may occur when any addition, change or cancellation of specific terms and…

Q: what is fixed-price contract, and what are the benfit of chosing it

A: A contract where the price is fixed as negotiated by the parties is known as a Fixed Price Contract.…

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: Explain and illustrate types of Musharakah contracts

A: Musharakah Contracts: In Islamic Accounting it is a type of contract that is formed between two…

Q: What are three similarities of a future contract and a forward contract?

A: Forwards are the contract made for the private placements while futures are traded under stock…

Q: What are the types of agreement related to sale-leaseback agreement?

A: Sale and Leaseback Agreement is a kind of financial transaction. This is a situation that arises…

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: Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False

A: Contract is referred as an enforceable agreement, which helps in defining, creating, and also…

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: How does a seller allocate a transaction price to a contract’s performance obligations?

A: Transaction price: Transaction price is the amount of consideration that is estimated by the company…

Q: Is there any exception to the rule that the particular motives of the parties in entering into a…

A: A motive is a purely personal or private reason which a party has in entering into a contract. The…

Q: What is an onerous contract? Give two examples of an onerous contract.

A: When the cost of carrying out unavoidable obligations exceeds the benefit expected to be received…

Q: What is an option? How does an Option differ from a forward or future contract?

A: Derivative Security: A derivative is financial security whose price and value are determined based…

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: 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: Give examples of obligations or contracts which are contrary to good custom.

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

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.