Question

Which of the following is an obligation established by agreement of the parties? choices: Unilateral obligation...

Which of the following is an obligation established by agreement of the parties?

choices:

Unilateral obligation

Bilateral obligation

Conventional

Statutory

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Which of the following is an obligation established by agreement of the parties?

Answer: Bilateral obligation.

A bilateral obligation is in which both the parties promisor and promisee voluntarily enter into an agreement where both make a promise and each is obligated to fulfill the promise. Every sales agreement is a bilateral contact or obligation.

Ina unilateral obligation the promisor makes a promise to provide something in exchange for the performance of required action. Reward for finding lost thing is an unilateral obligation.

Conventional obligations are obligation arised out of contracts. Statutory obligations are obligations imposed by law not out of contract.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which is not a way by which juridical tie is established? choices: Statute Bilateral Contracts Unilateral...
Which is not a way by which juridical tie is established? choices: Statute Bilateral Contracts Unilateral Contracts Acts of God
The general rule here is that interest stipulated in the agreement is generally substitute for fine....
The general rule here is that interest stipulated in the agreement is generally substitute for fine. If parties agree, interest stipulated and fine should be paid. choices: a. Simple obligation b. Alternative obligation c. Facultative obligation d. Obligation with a penalty
A fundamental principle of contract law is that parties can enter into an agreement with whomever...
A fundamental principle of contract law is that parties can enter into an agreement with whomever they wish to contract with—in other words, the court will not intervene. Which of the following would be an exception to this principle? Select one: a. If one of the parties is a limited liability company b. If the contract value is for less than $50.00 c. If one of the parties can prove duress d. If both parties failed to obtain independent legal...
Is the following a bilateral or unilateral contract between Kim and Pairs? Kim: Hey Pairs if...
Is the following a bilateral or unilateral contract between Kim and Pairs? Kim: Hey Pairs if you mow my yard this weekend I will pay you $50. Pairs: Says nothing, but shows up on Saturday and mows the yard.
Which one of the following statements is FALSE regarding interest rate swaps? a. Two parties may...
Which one of the following statements is FALSE regarding interest rate swaps? a. Two parties may enter into an interest swap agreement to increase their borrowing costs b. Two parties with preexisting debt may enter into an interest swap agreement because their financial needs may have changed due to the economic conditions c. They are agreements between two parties to swap series of fixed interest rate cash flows for series of floating interest rate cash flows d. They are structured...
Which of the following is NOT included in the U.S. current account? A. U.S. unilateral transfers...
Which of the following is NOT included in the U.S. current account? A. U.S. unilateral transfers to foreigners. B. U.S. foreign direct investment abroad. C. Interest paid by the U.S. on bonds held by foreigners. D. U.S. compensation received by foreigners. E. U.S. exports.
When a dual agency is established in a one-to-four unit residential sales transaction (i.e., both parties...
When a dual agency is established in a one-to-four unit residential sales transaction (i.e., both parties are represented by the same broker) the broker and their agents may not pass on any information from one party to the other relating to: a) the price the buyer may be willing to pay. b) the terms of payment the seller may be willing to accept. c) Both a and b. d) Neither a nor b. 7. Brokers supervise and police the business-related...
Which of the following statements regarding contracts is​ INCORRECT? A. A contract is an agreement between...
Which of the following statements regarding contracts is​ INCORRECT? A. A contract is an agreement between two parties that creates enforceable rights or performance obligations. B. The process of revenue recognition is based on contracts that the entity has with outsiders. C. Identifying the contract with the customer is the first step of the revenue recognition model. D. Only written contracts are valid.
Which of the following statements is correct? a. A company may exclude a short-term obligation from...
Which of the following statements is correct? a. A company may exclude a short-term obligation from current liabilities if it intends to refinance the obligation on a long-term basis. b. A company may exclude a short-term obligation from current liabilities if it has an unconditional right to defer settlement of the liability for at least 12 months. c. A company may exclude a short-term obligation from current liabilities if it is paid off after the statement of financial position date...
An executory contract is one with: Has one party Has an obligation yet to be performed...
An executory contract is one with: Has one party Has an obligation yet to be performed Has 2 or more parties but only one is has obligation Has no obligations left to perform by both parties. 2. Which one of the following statement is correct about the stature of frauds It applies to cheques It applies to pre-nuptial agreements It applies to bank loans It applies to the sale of real property
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT