Which of the following is not a condition in the determination of when a valid contract exists:O The payment terms are identified.O The contract has to be in writing.O The parties have approved the contract.O It is probable that the consideration will be collected.

In accordance with IFRS 15, a contract with a customer is said to exists only if the following…

Answered: Which of the following is not a…

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

See similar textbooks

Similar questions

Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False
Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.
An antenuptial contract must be notarially executed to be valid between the contracting parties. True or false?
Which of the following is not a condition in identifying the contract with the customer as per IFRS 15? a- Each party's rights with regard to the goods or services concerned can be identified b- It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identified
Why would the existence of conditions subsequent and precedent affect the discharge of a contract?
Under which of the following circumstance a contract does not exist a- The contract was not approved in a written form b- The parties of the contract have reached unanimous consent regarding termination of the contract c- The contract has no fixed duration and can be terminated or modified by either party at any time d- None of them
First Statement: If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper. Second Statement: In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest. a.The first statement is true; the second is false b.Both are false c.Both are true d.The first statement is false; second is true
Create an example of a contract that has the credit to be legal, the contract must be in writing specifying the amount, time of payment, interest and other terms agreed upon by both parties.
Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?
What are the two basic methods of accounting for longtermconstruction contracts? Indicate the circumstancesthat determine when one or the other of these methodsshould be used.
Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to the complete will of the offeror and may be withdrawn or destroyed prior to its acceptance. 2. Actual delivery and payment is needed to establish existence of valid contract of sale.
It’s a contract whereby a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. a. Contract of agency b. Contract of barter or exchange c. Contract for a piece of work d. None of the above

SEE MORE QUESTIONS

Recommended textbooks for you

Business Its Legal Ethical & Global Environment

Accounting

ISBN:

9781305224414

Author:

JENNINGS

Publisher:

Cengage

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

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

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

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

Publisher:

South-Western College Pub

Business Its Legal Ethical & Global Environment

Accounting

ISBN:

9781305224414

Author:

JENNINGS

Publisher:

Cengage

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

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

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

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

Publisher:

South-Western College Pub

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Which of the following is not a condition in the determination of when a valid contract exists: O The payment terms are identified. O The contract has to be in writing. O The parties have approved the contract. O It is probable that the consideration will be collected.