In today’s present environment, discuss and analyse why some contracts need to be completely written to be enforceable and why some contracts can only be proven by presenting written evidence of it

Q: The focus of the SEC's comment letters to early adopters of ASC 606 included the disaggregation of…

A: ASC 606 is the latest standard for revenue recognition that effects all the businesses that enters…

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: First Statement: If the words of the contract are clear and leave no doubt on the intention of the…

A: Contract is made between the parties so that there will be no confusion left to either the parties…

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: When can a check be a negotiable instrument

A: In finance in general and in the world of banking, trade and commerce in particular checks and…

Q: A company's disclosures regarding contracts should include reconciliation of the opening and…

A: Contract is a verbal or written agreement, particularly one concerning work, deals, or occupancy…

Q: A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further…

A: Bill of exchange: A Bill of exchange is a writing document that contains the information to confirm…

Q: True or False. An arbitration clause in a contract requires that any dispute concerning the contract…

A: The arbitration clause works in case of legal disputes between parties. It deals with the party's…

Q: Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue…

A: As per ASC 606, A contract is an agreement between two or more parties that creates enforceable…

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: 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: 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: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…

A: Contract is referred as the legal enforceable agreement, which helps in creating, defining, and also…

Q: Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury…

A: A void contract is a formal agreement that is voidable from the moment it is signed. Although both…

Q: Factual errors can occur in two ways: unilaterally or bilaterally. What are the implications of both…

A: pleas see the next step for solution

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: The following item indicates that the promise good and service are not distinct, except

A: Explanation : Good and service are not highly dependent and not highly interrelated with the goods…

Q: Explain the doctrine of the indoor management rule in relation to a company entering into a…

A: It is often seen that the outsiders who contracts with the companies used to face…

Q: Vicarious performance

A: The Vicarious performance represents the contractual obligation that is performed by a third party…

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: 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/are the rule/rules (and the exceptions, if there be any) in case an object is lost or…

A: Fortuitous events are the events that are considered as the "act of God" because naturally, the act…

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

A: As IFRS 15 - Revenue from Contracts with Customers, The standard provides a single, principles based…

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: 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: 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: Your business may be at risk if: Select one: a. All of these b. An important contract does not…

A: Risk is a condition or circumstance where it can hamper the business of the company or may give an…

Q: TRUE OR FALSE   An instrument payable out of a contingency is not negotiable even if the…

A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…

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: In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework…

A: when a liability arises to pay the amount than obligations will arise.

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: 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: 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: Which of the following is NOT the correct statements regarding forward contracts? I. contain a…

A: A forward contract is a contract entered between the parties to buy and sell assets at a…

Q: Discuss the contract according to its enforceability?

A: Contract can be defined as the agreement between two or more individuals for a certain meaningful…

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: The proper remedy for the following cases is reformation of the instrument, except for one. Which is…

A: Reformation can be defined as the remedy by means of which a written instrument is rectified or…

Q: Goods on consignment should be included in the inventory of

A: As per our protocol we provide solution to the one question only and that too if the question is…

Q: of 31 Assume that you have just täken on administration of a negotiated by others. What can you do…

A: Contract negotiated by others  explicitly  indicates that terms and conditions best suited to the…

Q: Compare and contrast auditor liability under contract law vs. tort law.

A: Contract law: A contract is described as a legal agreement formed by people's shared understandings…

Q: it would be better to have an open-ended contract between the company and the government. Discuss…

A: An open-Ended contract is a contract in which the end date of the contract is not mentioned. There…

Q: at transactions do you prefer to use negoti

A: Negotiable instruments are written contracts whose benefit could be passed on from its original…

Q: In a "mixed contract," one involving both the dale of goods and services, does the UCC apply or does…

A: Contract is referred as the legal enforceable agreement, which defines, creates, and also governs…