Contracts – Page 2

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

Question

Megida hopes to obtain contracts from both the private and public sectors following the new government economic initiatives. The company’s revenue had always been accounted for in line with IAS 18, as the company had adopted IFRS. Some directors of Megida understand that with the introduction of IFRS 15: Revenue from Contracts, the way revenue from contracts is recognized may change. In particular, one of them who attended an IFRS training organized by the Institute of Chartered Accountants of Nigeria (ICAN) heard about IFRS 15 and its five-step model for revenue recognition but did not understand.

Required:
Itemize and briefly discuss the FIVE-step model approach to revenue recognition under IFRS 15. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Five-Step Model, IFRS 15, Revenue, Revenue Recognition
Level: Level 3

Topic: Revenue Recognition (IFRS 15)

TAX – Nov 2023 – L2 – Q5 – Tax Administration and Enforcement

Explain stamp duty exemptions, electronic document receipt, duties on contracts, and electronic money transfer levies.

Question

Stamp duties are duties basically on instruments (defined to include written document). Stamp duties are governed by Stamp Duties Act Cap. S8 LFN 2004 (as amended), which provides for the levying of duties on certain matters specified in the Act, effective April 1, 1993.

a. Explain THREE instruments exempted from stamp duties. (3 Marks)
b. Describe when electronic documents are considered received in Nigeria. (3 Marks)
c. Discuss duty on contracts. (3 Marks)
d. Explain the electronic money transfer levy. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Electronic Documents, Exemptions, Money Transfer Levy, Stamp Duties
Level: Level 2

BL – May 2012 – L1 – SA – Q14 – Sale of Goods

Determine when the risk in goods transfers from seller to buyer in a sale of goods contract.

Question

In an agreement for the sale of goods, the risk remains with the seller until:

A. Sale is completed
B. Goods are inspected to the satisfaction of the buyer
C. Final payment is made by the buyer
D. Cost, insurance, and freight are paid for
E. Bill of lading is signed by the seller

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Contracts, Risk, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

Question

State briefly the elements of a valid contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contracts, Intention to Create Legal Relations, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

Question

A term in a contract that gives the party who is not at fault the right to repudiate is a ……………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach of Contract, Conditions, Contracts, Repudiation
Level: Level 1

Topic: Law of Contract

BL – Nov 2011 – L1 – SA – Q4 – Law of Contract

Understanding the timeframe for sending a copy of a note or memorandum to the hirer.

Question

Within how many days must the copy of note or memorandum be delivered or sent to the hirer?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Hirer’s Agreement, Memorandum
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2012 – L1 – SB – Q2B – Law of Contract

Advise on a contract involving an apprentice who is a minor.

Question

Johnson is 16 years old. He served as an apprentice barber at Okay Salon for two years. He paid the apprenticeship premium for only one year. Okay Salon wants to sue for the balance. Advise the parties.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Infants
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q2A – Law of Contract

Advise on the legal protection available to illiterates in contract agreements.

Question

Dickson is an illiterate. He entered into an agreement with Continental Bakery Limited to supply bags of flour at N15.00 per bag. Unknown to him, the written agreement, which he thumb-printed, read N10.00 per bag. He had supplied 1,000 bags for which the company wants to pay the price in the written contract. Advise Dickson in the circumstances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Illiterates Protection
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q18 – Law of Contract

Identify the type of acceptance subject to a condition.

Question

State the type of acceptance of a bill of exchange in which the bill is accepted “subject to the shipping vessel arriving from South Africa.”

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conditional Acceptance, Contracts
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

Question

Goods which may be subject matter of a contract of sale of goods may be either existing goods or

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Future Goods, Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q8 – Agency Law

Identify the type of principal where the agent reveals the principal’s identity.

Question

State the type of principal involved in a situation where the agent has revealed his identity to the third party right from the inception of the transaction between them.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency, Contracts, Principal
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q6 – Contract Law

Identify a minor term in a contract.

Question

State the term of a contract which is minor or which is ancillary to a major term.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Minor Terms, Warranties
Level: Level 1

Topic: Contract Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q3 – Law of Contract

Identify the legal term for an auction sale.

Question

An advertisement of auction sale and request for bids is an example of ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auction, Contracts, Invitation to Treat
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q9 – Law of Contract

Identify the remedy used to restrain a breach of contract.

Question

An order which the court grants to restrain a breach of contract is called:
A. Interim order
B. Interlocutory order
C. Injunction
D. Enforcement order
E. A sanction

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Injunctions, Remedies
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q7 – Law of Contract

Identify which situation does not terminate an offer before acceptance

Question

Which of the following is NOT a situation where an offer may be terminated before acceptance?
A. Where the offer is rejected by the offeree outright or by way of a counteroffer
B. When the offer does not bear the signature of the offeror
C. When the conditions attached to the offer remain unfulfilled
D. When the offer is revoked by the offeror, or the offeree makes acceptance impossible
E. When sufficient time has elapsed since the date of the offer to justify the inference that the offeree did not wish to accept it.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – May 2014 – L1 – SA – Q6 – Law of Contract

Identifying the rule that prevents third-party enforcement of contracts.

Question

In law of contract, the rule that a person who is not a party to a contract cannot sue on the transaction is known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Privity of Contract, Third-Party
Level: Level 1

Topic: Law of Contract
Series: MAY 2014

BL – May 2014 – L1 – SA – Q5 – Contract Law

Identifying the remedy requiring the breaching party to perform their obligations.

Question

The remedy or an order by a court ordering a party who breached an agreement to perform his obligations under the contract is known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Remedies, Specific Performance
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q4 – Contract Law

Identifying the term for a contract breach entitling only damages.

Question

The ordinary term of a contract which entitles the aggrieved party to sue only for damages and not rescission of the agreement is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach, Contracts, Damages
Level: Level 1

Topic: Contract Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q5 – Law of Contract

Identifying a term that renders a contract unenforceable if breached.

Question

The term of a contract that goes to the root of the agreement and can render the contract unenforceable if breached is:
A. Warranty
B. Mistake
C. Misrepresentation
D. Condition
E. Undue influence

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach, Contracts, Unenforceability
Level: Level 1

Topic: Law of Contract
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

Question

In an Insurance contract, the insured is indemnified on payment of the

A. Price
B. Premium
C. Interest
D. Discount
E. Instalment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Indemnity, Insurance Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

Question Tag: Contracts

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

You're reporting an error for "CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)"

TAX – Nov 2023 – L2 – Q5 – Tax Administration and Enforcement

Explain stamp duty exemptions, electronic document receipt, duties on contracts, and electronic money transfer levies.

You're reporting an error for "TAX – Nov 2023 – L2 – Q5 – Tax Administration and Enforcement"

BL – May 2012 – L1 – SA – Q14 – Sale of Goods

Determine when the risk in goods transfers from seller to buyer in a sale of goods contract.

You're reporting an error for "BL – May 2012 – L1 – SA – Q14 – Sale of Goods"

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2c – Law of Contract"

BL – Nov 2011 – L1 – SA – Q20 – Law of Contract

Understanding the term in a contract that gives the party not at fault the right to repudiate.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q20 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q4 – Law of Contract

Understanding the timeframe for sending a copy of a note or memorandum to the hirer.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q4 – Law of Contract"

BL – Nov 2012 – L1 – SB – Q2B – Law of Contract

Advise on a contract involving an apprentice who is a minor.

You're reporting an error for "BL – Nov 2012 – L1 – SB – Q2B – Law of Contract"

BL – Nov 2012 – L1 – SB – Q2A – Law of Contract

Advise on the legal protection available to illiterates in contract agreements.

You're reporting an error for "BL – Nov 2012 – L1 – SB – Q2A – Law of Contract"

BL – Nov 2012 – L1 – SA – Q18 – Law of Contract

Identify the type of acceptance subject to a condition.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law of Contract"

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods"

BL – Nov 2012 – L1 – SA – Q8 – Agency Law

Identify the type of principal where the agent reveals the principal’s identity.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q8 – Agency Law"

BL – Nov 2012 – L1 – SA – Q6 – Contract Law

Identify a minor term in a contract.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q6 – Contract Law"

BL – Nov 2012 – L1 – SA – Q3 – Law of Contract

Identify the legal term for an auction sale.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q3 – Law of Contract"

BL – Nov 2012 – L1 – SA – Q9 – Law of Contract

Identify the remedy used to restrain a breach of contract.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q9 – Law of Contract"

BL – Nov 2012 – L1 – SA – Q7 – Law of Contract

Identify which situation does not terminate an offer before acceptance

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q7 – Law of Contract"

BL – May 2014 – L1 – SA – Q6 – Law of Contract

Identifying the rule that prevents third-party enforcement of contracts.

You're reporting an error for "BL – May 2014 – L1 – SA – Q6 – Law of Contract"

BL – May 2014 – L1 – SA – Q5 – Contract Law

Identifying the remedy requiring the breaching party to perform their obligations.

You're reporting an error for "BL – May 2014 – L1 – SA – Q5 – Contract Law"

BL – May 2014 – L1 – SA – Q4 – Contract Law

Identifying the term for a contract breach entitling only damages.

You're reporting an error for "BL – May 2014 – L1 – SA – Q4 – Contract Law"

BL – May 2014 – L1 – SA – Q5 – Law of Contract

Identifying a term that renders a contract unenforceable if breached.

You're reporting an error for "BL – May 2014 – L1 – SA – Q5 – Law of Contract"

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking"

Our offerings

Contact Info

Customer

Get In Touch

admin