. A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest rate allowed. C. equally at fault.

Q: (a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: In a destination contract for the sale of goods, which of the following is true concerning when the…

A: A destination contract is a contract made for the sales of goods under which the seller promises to…

Q: A(n) __________ warranty is a warranty in which the seller promises the customer that the good or…

A: Assurance type warranty is the guarantee to customers that products will function as intended and if…

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: consignor satisfies its performance obligation under consignment contract?

A: Consignment sales are sales made by the one person (consignee) on behalf of the other person…

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: 1."A sale of Goods Contract once made can never come to an end".Discuss the above statement with…

A: Sale of goods contract involves 2 parties  one is seller and other is buyer Seller sells the goods…

Q: First statement. The drawer’s liability is secondary. Second statement. The instrument becomes…

A: Financial Instruments: A financial instrument is defined as a contract between individuals/parties…

Q: [S1] Instead of PFRS 17, the standard applicable to contracts that principally transfer financial…

A: Here asked for multi question we will solve for first question for you.  If you need additional…

Q: Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices…

A: The mode of extinguishment of contract of sale is::: Payment or performance of obligation..…

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: 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: Question 2 of 18 For trade receivables, the fair value is deemed equal to the Select the correct…

A: trade receivable are considered to be asset  of the business. receivable arises when sale is made by…

Q: When an obligation is subject to an obligation, the moment the condition is fulfilled, the…

A: The following statement is True... When an obligation is subject to an obligation, the moment the…

Q: Which of the following is true about forward contract expiration?  a.A deliverable forward contract…

A: On the date of expiration of a forward contract, settlement can be made on delivery basis or on cash…

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: The contract of sale is a consensual contract.   a. True b. False

A: Sales on Account A sales on account revenue is revenue earned by a company by selling its goods on…

Q: When a contract contains more than one performance obligation, the seller allocates the transaction…

A: Contract: A contract is a legal agreement among two or several parties to perform some task and…

Q: When assets are purchased under an installment sales contract, the seller becomes the creditor. A.…

A: An asset is the value of items owned by the business organisation. It can be tangible or intangible…

Q: what is the specific point in time when the consignor satisfies is performance obligation under…

A: Consignment represents the arrangement where the goods are sold to the buyer by a third party.

Q: 4.   An encumbrance represents the estimated future liability for goods or services resulting from…

A: Encumbrance is the future estimation which is kept aside, as per the requirement of law. This are…

Q: evenue is recognized for sold consignment goods when a. The consignee receives the goods b. When…

A: Solution: Revenue is recognized for sold consignment goods when "The goods are sold by the consignee…

Q: seller agrees or obliges

A: TRUE defines a contract of sale as a contract whereby one in all the catching parties obligates…

Q: __ is a contract that involves compensation for specific potential future losses in exchange for…

A: Step 1 Currency swap forward contracts are frequently used by companies with international market…

Q: Which of the following does not meet the definition O the signing of a cancellable contract for…

A: Solution: "The signing of a cancellable contract for purchase commitment" does not meet the…

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: Under the new revenue recognition guidance in ASC Topic 606, which of the following statements is…

A: In accounting, ASC stands for Accounting Standards Codification as defined by the financial…

Q: Statement I. If the pattern of the repairs cannot be established and the obligation for warranty…

A:

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: following are causes of extinguishment of a contract of deposit EXCEPT:    a. Death of either party…

A: Solution: The following are causes of extinguishment of a contract of deposit EXCEPT "Loss or…

Q: A contract to sell is the same as a conditional contract of sale. Do you agree? Explain your answer.

A: A contract to sell is a contract that is legally binding and involves the purchase of products or…

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: A contract modification always results in a new contract if the modification adds distinct goods or…

A: The given scenario can be linked with International Financial Reporting Standards (IFRS) 15 which…

Q: Create an example of a contract that has the credit to be legal, the contract must be in writing…

A: One of the example:- "On Apr 9, 2021 John borrowed from Morgan a total of $100,000 at an interest of…

Q: An antenuptial contract must be notarially executed to be valid between the contracting parties.…

A: A contract entered into by a couple before their marriage, and restricting to retain their assets…

Q: 9. Which one of the following is not a condition for a valid contract? A. There must be no known…

A: A contract is  valid and legally binding  if it satisfies the following conditions: i) Offer- There…

Q: 33. Entity A enter into a long-term contract to provide service. The outcome of the transaction can…

A: Long term contract of service are those contracts in which there is an agreement between two parties…

Q: Forward contracts are: Answer a. Contracts usually involving the exchange of a commodity or…

A: A forward contract is a customized contract between two parties to buy or sell an asset at a…

Q: d. when the entity's right to receive payment is established. 2. Entity A enters into a long-term…

A: ●2.Entity A enters into a long-term contract to provide services. The outcome of the transaction can…

Q: contract purporting to

A: Statement I: In case of doubt, a contract purporting to be a sale with right of repurchase is…

Q: A performance obligation is: O A contract with a customer O Only enforceable when the contract is…

A: Performance obligation means where we enter in to a contract with customer to delivery specific…

Q: The market flex provision in an underwriting/syndication agreement means that the underwriter/lead…

A: The provisions which give the underwriter or the syndicate or the arrangers some amount of the…

Q: An encumbrance represents the estimated future liabilities for goods or services resulting from…

A: Is the given statement true or false?

Q: instrument conditional on the holder (the counterparty) exercising its contractual obligation to…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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.