Which of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matter

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

Answered: Which of the following mistakes that…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 5Q

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Similar questions

Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury made by one contracting party or someone acting for thatparty and which causes the other party to enter into the contract. It results in no consensus betweenthe parties and a void contract.”
True or False. An arbitration clause in a contract requires that any dispute concerning the contract be resolved by a mediator.
Formalities in a contract can be self-imposed by the parties to a contract. Select one: True False
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
Which of the following is not a secondary mode of extinguishing obligations? * Changing the object of the obligation with the consent of the parties Death of both parties Compromise Prescription
Either party can choose to the contract in cases where both partiess to a contract are mistaken about either a current or a past material fact. O Refute O Confirm Rescind O Disclaim O Uphold
A contract that only one of the parties can enforce in a court is not valid. True False
Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? Contracts need to be legally enforceable to be considered under ASC Topic 606. Contracts need to be in written form to be considered under ASC Topic 606. No consideration can be received before a contract exists. No price concessions can be made to an existing contract.
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.
A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further negotiation and constitutes the indorsee as agent of the indorser. As agent, the indorsee has the right, among others, to a. receive payment of the instrument. b. demand payment of the instrument only. c. notify the drawer of the payment of the instrument. d. instruct that payment be made to the drawee.
What is the proper accounting for a wholly unperformed contract?
Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state and analyze the provisions of Contract Act dealing with Anticipatory Breach of Contract. Support your answer with suitable case study/ case scenario.

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