Answered: What is/are the rule/rules (and the…

What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or damaged due to fortuitous event, particularly as to the liability of the debtor in an obligation.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Legal Liability

Section: Chapter Questions

Problem 6CYBK

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What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or damaged due to fortuitous event, particularly as to the liability of the debtor in an obligation.

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What is/are the rule/rules (and the exceptions, if there be any) in case an object is lost or damaged due to fortuitous event, particularly as to the liability of the debtor in an obligation. Give specific examples for your answers.
State the rules in case of the thing to be delivered is lost with the debtor's fault or without his fault.
Which of the following is not a criterion that must be met for an item to be classified as a liability? A certain cash payment will occur in the future. A sacrifice will require the entity’s assets or services. There is a probable future sacrifice. There is a present obligation that results from a past transaction.
Which of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.
Suppose the obligation of the debtor is to do something and he fails to do it or performs it in contravention of the agreement, what are the the remedies available to the creditor?
When the debtor binds himself to pay when his means permit him to do so, the obligation is: a pure obligation an obligation with a suspensive condition an obligation with a resolutory condition an obligation with a suspensive period
To be recorded as a liability, does the obligation have to be absolute?
What is the main purpose of modes of extinguishment of obligation?
May an obligor be liable under an obligation subject to a suspensive condition although the condition has not yet been fulfilled? Explain.
Which of the following is a characteristic of a current liability but not a long-term liability? a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. b. Unavoidable obligation. c. Transaction or other event creating the liability has already occurred. d. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services.
What is the relationship between provisions, onerouscontracts, contingent liabilities and other types ofliabilities?
Contingent liabilities are obligations that may or may not materialize.