Contracts – Page 3

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

Topic: Sale of Goods
Series: NOV 2012

BL – May 2018 – L1 – SA – Q18 – Employment Law

Identify the period during which an employer retains the right to confirm or not confirm an employee's appointment.

Question

The period of time during which an employer retains the right to confirm or not to confirm the appointment of the employee is known as the period of
A. Protection
B. Redundancy
C. Overtime
D. Probation
E. Judicial Intention

Answer

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Tags: Contracts, Employment, Probation
Level: Level 1

Topic: Employment law
Series: MAY 2018

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

Question

The party who has the option to purchase goods in a Hire Purchase Agreement is the
A. Hirer
B. Hiree
C. Owner
D. Insurance company
E. Bailee

Answer

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Tags: Contracts, Hire Purchase, Ownership
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2018

BL – Nov 2014 – L1 – SA – Q17 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect characteristic of a Hire Purchase contract.

Question

Generally, a Hire Purchase contract has the following characteristics EXCEPT
A. Bailee and Bailor
B. Written agreement
C. Deposit of a specified sum of money
D. Possession of goods by the hirer
E. The agreement that cannot be terminated

Answer

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Tags: Bailment, Consumer Credit, Contracts, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2014

BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking

Define the agreement where a company provides compensation for loss, damage, illness, or death in exchange for a premium.

Question

An agreement by which a company undertakes to provide compensation for a specified loss, damage, illness, or death in return for payment of a specified premium is known as
A. Champerty
B. Insurance
C. Underwriting
D. Compensation
E. Distress sale

Answer

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Tags: Compensation, Contracts, Insurance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2022

BL – May 2022 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the type of contract where one has possession while paying in installments.

Question

A contract by which one person has possession of a product while paying for it in installments is known as
A. Bailment
B. Factoring
C. Leasing
D. Hire purchase
E. Sale in installments

Answer

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Tags: Contracts, Hire Purchase, Installments
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2022

BL – May 2022 – L1 – SA – Q14 – Sale of Goods

Define the type of condition "fitness for purpose" in the sale of goods.

Question

In a sale of goods, fitness for purpose is an/a
A. Implied condition
B. Negotiated condition
C. Optional condition
D. Exclusive condition
E. Express condition

Answer

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Tags: Contracts, Implied Conditions, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2022

BL – May 2022 – L1 – SA – Q2 – Law of Contract

Identify what a contract under seal does not need to be supported by.

Question

A contract under seal need NOT to be supported by
A. Consideration
B. Petitioner
C. Offer
D. Acceptance
E. Capacity

Answer

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Tags: Contracts, Contracts under Seal, Law of Contract
Level: Level 1

Topic: Law of Contract
Series: MAY 2022

BL – May 2021 – L1 – SA – Q14 – Sale of Goods

Identifying the item that is not a subject matter of a sale of goods contract.

Question

Which of the following is not a subject matter of a sale of goods contract?

A. Motor car
B. Ascertained goods
C. Unascertained goods
D. Specific goods
E. Personality

Answer

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Tags: Commercial Transactions, Contracts, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2021

BMF – May 2023 – L1 – SA – Q5 – Business and Organizational Structures and Choices

Identify the term used for a legally-binding promise given in writing.

Question

A legally-binding promise, given in writing, is termed:

A. Security
B. Covenant
C. Debt Relief
D. Warranties
E. Guarantee

Answer

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Tags: Business Agreements, Contracts, Legal Promise, Legally-binding
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2023

BL – May 2017 – L1 – SB – Q4a – Law of Contract

Examines ways in which terms can be read into a contract as if both parties agreed.

Question

The terms of a contract may be express or implied.

Required:
State THREE ways by which a term may be read into a contract as if the parties had agreed to them.

Answer

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Tags: Contract Interpretation, Contracts, Express Terms, Implied Terms
Level: Level 1

Topic: Law of Contract
Series: MAY 2017

Question Tag: Contracts

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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.

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

Identifying and explaining the elements of a valid contract.

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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.

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

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

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

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

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

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

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

Identify the type of acceptance subject to a condition.

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

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

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BL – May 2018 – L1 – SA – Q18 – Employment Law

Identify the period during which an employer retains the right to confirm or not confirm an employee's appointment.

You're reporting an error for "BL – May 2018 – L1 – SA – Q18 – Employment Law"

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

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BL – Nov 2014 – L1 – SA – Q17 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect characteristic of a Hire Purchase contract.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q17 – Hire Purchase and Consumer Credit Transactions"

BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking

Define the agreement where a company provides compensation for loss, damage, illness, or death in exchange for a premium.

You're reporting an error for "BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking"

BL – May 2022 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the type of contract where one has possession while paying in installments.

You're reporting an error for "BL – May 2022 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions"

BL – May 2022 – L1 – SA – Q14 – Sale of Goods

Define the type of condition "fitness for purpose" in the sale of goods.

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BL – May 2022 – L1 – SA – Q2 – Law of Contract

Identify what a contract under seal does not need to be supported by.

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BL – May 2021 – L1 – SA – Q14 – Sale of Goods

Identifying the item that is not a subject matter of a sale of goods contract.

You're reporting an error for "BL – May 2021 – L1 – SA – Q14 – Sale of Goods"

BMF – May 2023 – L1 – SA – Q5 – Business and Organizational Structures and Choices

Identify the term used for a legally-binding promise given in writing.

You're reporting an error for "BMF – May 2023 – L1 – SA – Q5 – Business and Organizational Structures and Choices"

BL – May 2017 – L1 – SB – Q4a – Law of Contract

Examines ways in which terms can be read into a contract as if both parties agreed.

You're reporting an error for "BL – May 2017 – L1 – SB – Q4a – Law of Contract"

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