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- T/F 1.Sale is a mode that gives rise to a title 2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.Examining the classifications of obligations either as secured or unsecured, most relate to the assertions of A. rights and obligationsB. existence or occurrenceC. presentation and disclosureD. valuation or allocationWhich of the following is not a condition in identifying the contract with the customer as per IFRS 15? The entity and the customer have approved the contract and are committed to perform their contractual obligations It is certain that the entity will collect the consideration to which it is entitled Each party's rights with regard to the goods or services concerned can be identified The payment terms can be identified EN 2时 6 l
- An antenuptial contract must be notarially executed to be valid between the contracting parties. True or false?What is a multiple-element contract? Give an example of such a contract. How does NZ IFRS 15 apply to such transactions?As a general rule, one of the elements needed to make an agreement binding is consideration. True False An approach to consideration is the following: Consideration is a benefit received by the promisor or a detriment incurred by the promise. This is known as: A. Bargained-for exchange B. Goodwill C. Benefit/detriment D. Promissory estoppel
- Guaranty constituted to guarantee the obligation of a guarantor: a. Legal guaranty b. Conventional guaranty c. Continuing guaranty d. Double or Sub-Guaranty1. An agreement enforceable by law is known as: a) Promise b) Contract c) Obligation d) Lawful PromiseFor PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and V
