If any contractual party breaches the obligation then what can be the course of specific action from the court of law ? Pay monetary compensation Provide time for either of the party to perform Return of Property All of the options
Q: Which of the following indemnity or award is gross income? * a. Indemnity received for…
A: Based on above options the correct option is OPTION (A): Indemnity received from insurance…
Q: Can a member who contributed an asset demand for its return, transfer or conveyance upon dissolution…
A:
Q: (a) As a general rule, does the death of either the creditor or the debtor extinguish obligations…
A: In a contract of debt there will be debtor and creditor and in such contracts, obligations are…
Q: Which Statements are TRUE regarding laws on obligations and contracts? 1. Freedom to contract means…
A: Laws on obligations and contracts come under the purview of Civil Law Legal System. These laws…
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: Give the SECOND exception to the general rule that: If the consideration of the contract consists…
A: If the consideration of the contract consists partly in money, and partly in another thing, the…
Q: If a loss from sale or exchange of property between related parties is disallowed and the property…
A: If a loss from sale or exchange of property between related parties is disallowed and the property…
Q: Stafford Surety Co. agreed to act as the conditional guarantor of collection on a debt owed by…
A: Conditional Guaranty:- The guarantor takes the guarantee in case of any default of principle…
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: Insurable interest was defined by Lord Eldon LC in Lucena v Craufurd(1806) 2 Bos & P.N.R. 269 in…
A: The degree of suffering (financial dependence and otherwise) an individual would suffer from the…
Q: When a taxpayer sells an asset, what is the difference between realized and regonized gain or loss…
A: Difference between complete and recognized gains and losses Realized gains or losses for the…
Q: Which one of the following will result from the spouse of a decedent making a qualified disclaimer…
A: The correct answer for the above mentioned question is given in the following steps for your…
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: A taxpayer who acquired property in a related party transaction where a loss is realized cannot use…
A: Related-party transaction refers to those transactions that reflects a deal or arrangement made…
Q: What is the effect of loss of the thing or object in a contract of sale?
A: What is the Sale of contract: It is the legal contract between seller and buyer to sale the goods at…
Q: Is a foreclosure sale sometimes desirable or even necessary when the mortgagor is willing to give a…
A: A mortgage refers to a debt instrument which is secured by collateral of a piece of land or a real…
Q: A release clause in a note and deed of trust is activated by a.the full satisfaction of the terms…
A: The release clause allows for the freeing of all or part of a property from a claim by the creditor…
Q: A court will not enforce a cotnract if the contract requires an action that is egregious, even if…
A: Egregious contracts mean those contracts which are severely one-sided and unfair to the other party…
Q: Will the death of the principal debtor convert, decrease or nullify the substantive right of the…
A: Principal Debtor describes the natural individual or legal entity whose name appears on the…
Q: When the debtor binds himself to pay when his means permit him to do so, the obligation is:
A: When the debtor binds himself to pay when his means permit him to do so, the obligation is: Answer -…
Q: If the promise to grant a license is distinct and that the license provides the customer the “right…
A: Contract Account is a ledger created when a corporation enters into a long term agreement with the…
Q: In the final settlement, of the contingent consideration, which of the following statements is…
A: I. If the contingent consideration is classified as equity, the amount shall be measured upon…
Q: Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in…
A: As per Generally Accepted Accounting Principles, liabilities refer to a present obligation that…
Q: The party to whom payment is to be made is called the payee. True O False
A: Payee the person to whom the payment is made or to be made.
Q: When from among the choices available only one is possible, the obligation in effect ceases to be…
A: Answer:- True Explanation:- When from the choices available only one of the choice is possible, the…
Q: Identify the term being referred to: An agreement where one party conveys to the another party the…
A: The question contains an agreement between two parties . One party coveys the right to use the asset…
Q: D borrowed a sum of money from C with a certain rate of interest. C now wants to increase the rate…
A: A contract is an agreement which is enforceable by law on which one party makes an offer and another…
Q: The other party assumes the liability. a. What is Sammy's recognized gain or loss? b. What is…
A: Step 1 A recognized gain is the profit make from selling an asset.
Q: Which of the following is accurate regarding a real estate foreclosure transaction? A A…
A: The question is based on the concept and principle of income tax for real estate transactions.…
Q: Either party can choose to the contract in cases where both partiess to a contract are mistaken…
A: Mutual Mistakes is the result of an error by both parties about a material fact, i.e., one that is…
Q: If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued…
A: All the assets of the estate are recorded at the fair market value and any other asset is found…
Q: The rules on holding period shall only apply where the taxpayer is an individual and the dealing…
A: The rules on holding period shall apply to every taxpayers and not only to the individual taxpayer…
Q: What are the different cases or instances under the New Civil Code when the debtor shall lose every…
A: A debtor, also known as a debitor, is a legal entity that owes a debt to another. An individual, a…
Q: No gain or loss is recognized on the sale of property between related parties. True or false
A: The answer is as fallows
Q: The basis for determining gain or loss from sale of disposition of property is the fair market price…
A: The basis for any property which is inherited from any decedent who died during current tax year is…
Q: The co-owner of an immovable property has a right to exercise A. pre-emption B. Redemption C.…
A: The co owner may exercise the right of redemption in case the immovable property...
Q: Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to…
A: Contract s the written agreement between two parties where they are bound to act as agreed in the…
Q: When a note payable is issued for property, the property is recorded using the fair value of the…
A: A NOTE PAYABLE IS A WRITTEN NOTE . WHICH CONTAINS THE AGREEMENT BETWEEN A BORROWER AND LENDER WHERE…
Q: Which of the following is not tax exempt? A. Amount of any damages received by agreement on account…
A: Income Tax deduction- Individuals and organizations can take advantage of income tax deductions to…
Q: b. The rent is treated as a liability because it is unearned. The rental agency owes the tenant the…
A: for an asset that is given on lease, the lease rentals which is received from the customer in…
Q: A note secured by a deed of trust provides for an automatic action of the laws known as a.a strict…
A: A deed of trust is a document that is used when one party has taken out a loan from the other party…
Q: What court will be responsible to hear the case a lawsuit based on dispute of real estate an…
A: There is judiciary system for every type of issues faced by the common people. There is a particular…
Step by step
Solved in 2 steps
- a. When an obligation is subject to an obligation, the moment the condition is fulfilled, the obligation becomes due even in the absence of demand. b. If the resolutory condition is fulfilled, the obligation arises. c. If the suspensive condition is not fulfilled, the juridical relation is consolidated. d. A resolutory condition presupposes that there is expectancy that rights will be acquired once it is fulfilled. which of the following is true?(a) As a general rule, does the death of either the creditor or the debtor extinguish obligations that are transmissible to the heirs? (b) Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law? (c) Will the death of the principal debtor convert, decrease or nullify the substantive right of the solidary creditor? (10%)Determine if this shall result in recognition of liabilities 15.Violation of the terms of agreement and, as a result, it is not likely that there will be outflow of economic benefits a. yes b. no
- 92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments17. Gain contingencies should a. be accrued if they are probable and can be reasonably estimatedb. not be accrued in the accountsc. be accrued only if they are the result of litigation or government appropriationd. not be accrued or disclosed in the footnotesDetermine if this shall result in recognition of liabilities 12. violation of the terms of a contract; it is more likely than not that there will be outflow of resources, amount of such outflow can be reasonably estimated a. yes b. no
- Ch. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenant1. An SME shall measure a provision a. at fair value b. at cost c. at the best estimate of the amount required to settle the obligation at the reporting date. d. any of these12.In an "asset swap," where a liability is settled liability is settled through the transfer of noncash asset, a. the gain or loss on settlement is computed as the difference between the carrying amount of the liability extinguished and the fair value of the noncash asset transferred. b.the gain or loss on settlement is computed as the difference between the carrying amount of the liability extinguished and the carrying amount of the noncash asset transferred. c. the gain or loss on settlement is computed as the difference between the carrying amount of the liability extinguished and the more clearly determinable between the fair value of the liability extinguished and the carrying amount of the noncash asset transferred. d. no gain or loss is recognized
- 24. One of the following statements is false: * a. If the underlying asset will not revert to the lessor, the residual value is simply ignored by the lessor in the computation of unearned interest income and gross profit on the sale. b. The underlying asset will remain with the lessee if the lease provides for either a purchase option that is reasonably to be exercised or transfer of title to the lessee upon the lease expiration. c. When a lessor actually sells an asset that it has been leasing, the difference between the sales price and the carrying amount of the lease receivable is recognized in profit or loss. d. The gain or loss that pertains to the right retained by the seller-lessee in a sales and leaseback transaction is not recognized.In the final settlement, of the contingent consideration, which of the following statements is valid?I. If the contingent consideration is classified as equity, the amount shall be measured upon settlement and recognized as part of profit and loss.II. If the contingent consideration is classified as financial liability, the amount shall be measured at fair value upon settlement with any gain or loss recognized as part of profit and loss. a. I only b. Both I and II c. II only d. Neither I nor II25. What is the remedy available to vendor or lessor when the vendee or lessee fails to pay a single instalment or single periodic rental in an instalment sale or finance lease of personal property assuming a chattel mortgaged is constituted on the personal property sold or leased? Group of answer choices a. Exact fulfilment of the obligation with right to recovery for deficiency b. Cancel the instalment sale or finance lease resulting to mutual restitution c. Foreclose the chattel mortgage on the personal property sold or leased d. Any of the above