Question

In: Accounting

Conditions in contracts: Multiple Choice should not be created orally. can be created only by using...

Conditions in contracts:


Multiple Choice


should not be created orally.


can be created only by using special words.


can be impliedly created.


should always occur concurrently.


Solutions

Expert Solution

Essential Elements of a valid contract

1- Proper offer and proper acceptance with intention to create Legal relationship.

2-Lawful consideration and lawful object

3-Capacity of contract

4- Free Consent

5- Agreement not decrared void or illegal

6- Certainity of meaning

7- Possibility of performance of an agreement

8- Necessary legal formalities.

So, as per given criterai above a contract can be written form or oral and choice of multiplicity is depende on the contract terms & condition.

and creation of contract by special word means, wording of contract always show accurate meaning , if its show multiple meaning then contact are not good and create problem.

Contract are created impliedly AND also contract should always occur in concurrently. A condition concurrent must exist as a fact when both parties to a contract are to perform simultaneously. Neither party has a duty to perform until the other has performed or has tendered performance.


Related Solutions

Open interest includes: Multiple Choice only contracts with a specified delivery date. only long or short...
Open interest includes: Multiple Choice only contracts with a specified delivery date. only long or short positions but not both. the sum of long or short positions and clearinghouse positions. the sum of short, long, and clearinghouse positions. the sum of short and long positions.
MULTIPLE CHOICE: P (Z > 2) should be calculated in Excel using which functions below (a)...
MULTIPLE CHOICE: P (Z > 2) should be calculated in Excel using which functions below (a) = NORM.DIST(2,0,1,TRUE) (b) =1−NORM.DIST(2,0,1,TRUE) (c) = NORM.S.DIST(2,TRUE) (d) =1−NORM.S.DIST(2,TRUE) (e) b and d (f) a and c
Multiple choice: Consider the following scenario: Changing conditions on an island lead to the death of...
Multiple choice: Consider the following scenario: Changing conditions on an island lead to the death of all plants producing medium sized seeds. The resident bird population must now adapt to a diet of seeds from the remaining plants, some of which produce large seeds, and others that produce very small seeds. Which of the following types of selection would most likely be observed among the resident seed-eating bird populations on the island: A) Diversifying selection B) Stabilizing selection C) Directional...
Suppose that you are taking a multiple choice test (consisting of only 4-answer-choice questions) for which...
Suppose that you are taking a multiple choice test (consisting of only 4-answer-choice questions) for which you have mastered 60% of the material. When you actually take the test, if you know the answer of a question, then you will answer it correctly for sure; if you do not know the answer, however, you can still guess the answer (meaning that you will have 25% chance of getting the correct answer). Finally, assume that your answer to each question is...
Please answer the multiple choice question. Only choose one answer choice. Then write an IRAC answer...
Please answer the multiple choice question. Only choose one answer choice. Then write an IRAC answer about the issue that is being tested. Peter built a small pond in front of his house for his prize koi fish. The pond was visible from the sidewalk. To keep people and animals away, Peter constructed an eight-foot high chain link fence between the sidewalk and the pond. One day, Stewie, a six-year­ old who lived next door, struggled over the fence to...
A cross-border alliance was not created when Multiple Choice The insurance company Geico became a wholly...
A cross-border alliance was not created when Multiple Choice The insurance company Geico became a wholly owned subsidiary of Berkshire Hathaway. Carrefour, a French grocery chain, established a new wholly owned venture in Poland. Renault-Nissan disclosed that it had sold more than one in ten cars worldwide. Walgreens merged with Alliance Boots in 2014. Hyundai Motor Company planned to open a new manufacturing plant in the Czech Republic.
If the Federal Reserve wants to prevent a recession, it should _____. Multiple Choice decrease the...
If the Federal Reserve wants to prevent a recession, it should _____. Multiple Choice decrease the money supply to raise interest rates and lower aggregate demand increase the money supply to lower interest rates and raise aggregate demand increase the money supply to raise interest rates and lower aggregate demand decrease the money supply to lower interest rates and increase aggregate demand
Managers should concentrate on maximising shareholder value alone only if three conditions are met. These conditions...
Managers should concentrate on maximising shareholder value alone only if three conditions are met. These conditions require: (a) complete markets, (b) no significant asymmetric information, and (c) known re-contracting costs. Discuss how a violation of any of these conditions necessitates a much larger view of management’s role in firm decision making.
Which of the following sentences contains surplus words? Multiple Choice • It should be understood that...
Which of the following sentences contains surplus words? Multiple Choice • It should be understood that attendance is expected at the staff meeting every Friday. • After reviewing the request, I decided to approve it. • The company had to lay off 20 percent of its staff. • Employees have the right to voice their opinion. • The committee reviewed the grant proposals.
Which of the following costs should not be recorded as an expense? Multiple Choice Sales commissions...
Which of the following costs should not be recorded as an expense? Multiple Choice Sales commissions Insurance on factory building Product shipping costs Product advertising
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT