the effect of the doctrine of privity of contract is that

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: e forward rate is not at parity during the outset of the contract, which theory of term structures…

A: Spot rate and forward rate are the terms used in the context of foreign exchange markets. However…

Q: one key difference between option contracts aND FUTURE CONTRACTS IS THAT IN AN OPTION CONTRACT, THE…

A: Option Contract-An options contract is a contract between two parties to facilitate a potential…

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: 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: 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: 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: 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: Revenue should be recognized over time when a performance obligation is satisfied over time. That…

A: Given statement is: Revenue should be recognized over time when a performance obligation is…

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: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…

A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…

Q: What is the difference between an Offer for a unilateral contract and an Offer for a bilateral…

A: In unilateral contracts, one party offering the deal promises to pay when a certain act or task is…

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: The consideration received from a contract with a customer that does not meet the criteria unde…

A: The objective of Philippines financial reporting standard 15 (PFRS 15) is the establishment of…

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: 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: 1. If the forward rate is not at parity during the outset of the contract, which theory of term…

A: Step 1 Interest rate parity (IRP) is a hypothesis that states that the difference in interest rates…

Q: How contract is discharged by subsequent impossibility?

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

Q: a.  A person alternatively bound for the performance of different prestations shall completely…

A: The term "obligation and contract" in business law refers to what each of the parties participating…

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: Which of the following arises when the seller's right to consideration from a customer is…

A: A receivable is recognized by the entity when the entity's right to consideration is unconditional…

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: 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 which of the following circumstance a contract does not exist   a-  The contract was not…

A: In order to make an agreement valid contract, the following conditions need to be fulfilled: There…

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: 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: 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: 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: Which of the following mistakes that does NOT render an agreement defective?

A: The Agreement would be defective under following condition: 1. The Subject matter of the contract…

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: 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: 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: 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: 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: 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: 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: Give the FIRST 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: 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: 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: The relationship between a banker and its customers are not only fiduciary in nature but contractual…

A: A bank may be a financial organization that's allowed to simply accept deposits and supply loans.…

Q: . A contract of adhesion is a: A. take or leave it contract. B. charging above the maximum interest…

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

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…