Discuss the contract according to its enforceability?
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Q1:
Discuss the contract according to its enforceability?
(INSTRUCTIONS: answer must be original in contax, should not contain plagirism, answer must be in proper detail and higlighted all important points. explanation must contain proper facts and figure and examples are mandatory)
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- Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matterFor PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and VFirst Statement: If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper. Second Statement: In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest. a.The first statement is true; the second is false b.Both are false c.Both are true d.The first statement is false; second is true
- Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.11 The following item indicates that the promise good and service are not distinct, except Group of answer choices The good or service is highly interrelated with other goods or services promised in the contract. A license that the customer can benefit from only in conjunction with related service. The good or service significantly modifies another good or service promised in the contract. A license that forms a component of a tangible good and that is integral to the functional of the goodT/F 1.Sale is a mode that gives rise to a title 2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.
- Which of the following is not a condition in identifying the contract with the customer as per IFRS 15? a- Each party's rights with regard to the goods or services concerned can be identified b- It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identifiedV5. As FASB codification 420-10-25-12 stays “A liability for costs to terminate a contract before the end of its term shall be recognized when the entity terminates the contract in accordance with the contract terms (for example, when the entity gives written notice to the counterparty within the notification period specified by the contract or has otherwise negotiated a termination with the counterparty).” penalty for terminating early Is just a liability? Please explain. Argue about this statementA negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further negotiation and constitutes the indorsee as agent of the indorser. As agent, the indorsee has the right, among others, to a. receive payment of the instrument. b. demand payment of the instrument only. c. notify the drawer of the payment of the instrument. d. instruct that payment be made to the drawee.
- Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? Contracts need to be legally enforceable to be considered under ASC Topic 606. Contracts need to be in written form to be considered under ASC Topic 606. No consideration can be received before a contract exists. No price concessions can be made to an existing contract.True or False. An arbitration clause in a contract requires that any dispute concerning the contract be resolved by a mediator.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
