What type of contract has been formed in this case?

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 are the examples of Derivative Instruments? Define each examples and differentiate its nature…

A: Derivative is defined as the financial security along with the value, which used to be reliant or…

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

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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 is the difference in Forward Contracts and Future Contracts

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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: In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition?…

A: The word used to ensure all conditions are met to meet a condition is and. Option D is correct.

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

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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: For what reasons should the percentage-of-completionmethod be used over the completed-contract…

A: Completed contract method: In this method the revenue and profit are recognized only after the…

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: 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: in a conditional

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

Q: Give examples of obligations or contracts which are contrary to law .

A: The contract is an agreement forming a relationship between two parties in such a way that if any of…

Q: What are the two basic methods of accounting for longtermconstruction contracts? Indicate the…

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Q: Is variable consideration included in the calculation of a contract’s transaction price? If so, how…

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Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: What is the Social Contract – its pros and cons

A: The social contract approach to industry refers back to the technique a organization chooses when it…

Q: Identify the best and worst types of contract on the basis of payment

A: Contract is referred to as the legal bind of an agreement, which used to define as well as govern…

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: 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,…

Q: what is the liberty principle as it relates to contracts?

A: Introduction: The liberty principle is the idea that people should be free to contract with each…

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…