Answered: The following obligations are…

The following obligations are immediately demandable, EXCEPT: a pure obligation obligation with a resolutory condition obligation with a resolutory period none of the above

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter13: Contracts And Sales:performance And Remedies

Section13.2: Contract Performance

Problem 4CQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

The following obligations are immediately demandable, EXCEPT:

a pure obligation

obligation with a resolutory condition

obligation with a resolutory period

none of the above

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Accounting for Current liabilities, Provisions and Contingencies

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