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

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: 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: Which of these three characteristics (I, II, and III) are required in order for a promised good or…

A: Promised goods or services will be considered distinct if: When it is capable to being distinct…

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: 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: What are the requirements for nonattest engagements?

A: Non-attest engagements or services   The non-attest services are the engagements with a client and…

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: What factors must any company consider before accepting a special-order contract?

A: Company has to consider following points while accepting special order: 1. Potential effect on sale…

Q: When a contract includes an option to buy additional goods or services, when does that option give…

A: Contract: Contract is a written document that creates legal agreement between the parties for buying…

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: 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: 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: 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: 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: 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: the stakeholders position is not protected by a contract -unlike the provider of debt- how is it in…

A: Shareholders are the individuals who get ownership of the organization when they invest in their…

Q: Define promissory note. Who are the original parties to a promissory note?

A: A promissory note is a valid, financial instrument in which one party guarantees another to settle…

Q: 7. Provide an example of when the principle of a quasi-contract may be enforced by the court?

A: The answer for the theory question on Quasi contract is discussed hereunder : The enforcement of a…

Q: in a conditional

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

Q: What is a forward contract?

A: Introduction: This question is related to the concept of financial derivatives. Derivative…

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: 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 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: 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: 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 is a promissory note, and what are some terms that arenormally included in promissory notes?

A: SOLUTION:- A promissory note is a instrument where one person or party promises(the note's issuer)…

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Q: What is the relationship between provisions, onerous contracts, contingent liabilities and other…

A: The book in which the company records all its transactions initially is termed as journal book. From…

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: 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: 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: 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: 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: 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: 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: 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…