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

Q: what is the major difference and the major similarity between the vested benefit obligation and the…

A: Explain the similarities and the differences between Projected Benefit Obligation and Accumulated…

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: Explain how the obligation for postretirement benefits is measured and how the obligation changes.

A: The answer for this question is given generally as each organisations can following their own…

Q: What is meant by debentures?

A: A company has several sources from where it can raise funds. It can issue equity shares and the…

Q: Why onerous contracts are considered as a provision, even though they do not always come with a high…

A: Onerous contract is the contract that would cost the business more to fulfill than what the company…

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 the effect of the fulfillment of the condition in a conditional obligation? resolutory…

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

Q: Explain the accounting for contract modifications.

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

Q: What type of contract has been formed in this case?

A: Contracts are the agreements between two parties. It gives the  option to buy,sell, lend etc. It…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: Give example/illustration of reciprocal obligation. Explain why it is a reciprocal obligation.

A: A reciprocal obligation, also known as a reciprocal agreement, is a legal term for a…

Q: Who may institute action for annulment of voidable contracts? Briefly discuss.

A: Contract Act- The Indian Contract Act of 1872 lays out the groundwork for forming a legally binding…

Q: Do you agree that contract should be interpreted based on an objective assessment of the parties…

A: In 2014, the Supreme Court of North American nation rendered 2 choices concerning the law of…

Q: explain personal security exemption as one of the most commonly-litigated exemption.

A: The answer is stated below:

Q: How contract is discharged by subsequent impossibility?

A: Discharge of agreement or contract implies the end of the authoritative connection between the…

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: how payment or performance extinguishes an obligation.

A: An obligation arises when an agreement made between parties satisfies all the necesaary conditions…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: If the shareholder’s position is not protected by a contract – unlike the provider of debt- how is…

A: The shareholders have ownership of the company. The providers of debt are the creditors of the…

Q: Discuss the effects of ratification in voidable contracts

A: A contract that contains one or both of these flaws can nonetheless be regarded legally binding if…

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: 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: 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: 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: Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation,…

A: Contract of surety relates to the contract of guarantee a contract is to perform the promise or…

Q: I. A provision is a present obligation which may either be legal or constructive. II. Even if a…

A: As per IAS 37 Provisions, Contingent Liabilities and Contingent Assets, A provision is a present…

Q: Describe the obligations of postretirement.

A:

Q: Compare and contrast the istijrar contract with its closest conventional contract. What are the main…

A: Istijrar refers to the purchase of commodities in varying quantities on a regular basis. In Islamic…

Q: What exceptions are there to contracts that normally require a writing to be enforceable?

A: It is being written under the law that all agreement which are in writing could only be enforceable…

Q: A written contract takes priority over a prior oral agreement Ture or false

A: A contract can be in writing, be oral, be inferred by conduct or formed using a combination of all…

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: Why does “Identify the performance obligation(s) in the contract,” is important? Explain with…

A: Definition: Performance obligation: A performance obligation is a promise to transfer to the…

Q: How might the definition of “probable” affect determining whether a contract exists under IFRS as…

A: GAAP: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules…

Q: May an obligor be liable under an obligation subject to a suspensive condition although the…

A: When an obligation is subject to a suspensive condition, the creation of the obligation will depend…

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

A: Counter Offer is a type of offer given in response of original offer.

Q: Discuss the contract according to its enforceability?

A: In basic terms, a contract implies when two gatherings put into composing an understanding that…

Q: Explain the difference between commutative contract and non-commutative contract. Why Insurance is…

A: COMMUTATIVE CONTRACT In Arabic aqd mu'awadha, it is a type of compensatory contract whereby one…

Q: Discuss how Unilateral contract suits insurance than commutative contracts

A: An insurance contract is a kind of legal document that lays down the agreement terms between the…

Q: Which of the following is not a condition in identifying the contract with the customer as per IFRS…

A: IFRS 15 establishea the principles that an entity applies when reporting information avout the…

Q: Which of the following is also called a "liability waiver"? confidentiality clause noncompete…

A: An obligation or a liability is something an individual or organization owes, it usually includes…

Q: What characteristics make a good or service a performance obligation?

A: Performance obligation: Performance obligation is the promise made by the seller to supply the goods…

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: When will a person be bound by a contract entered into by another?

A: Introduction: A contract is a written or verbal agreement between 2 or more entities that generates…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…