If dan's baseball card collection is stolen after he entered into an agreement to sell the cards, the contract must be discharged, because of the impossibility of performance.
What is the agreement?
A contract between two or more people to do something is referred to as an agreement. Two or more parties must agree to the terms of the agreement in order to create a legally binding commitment.
The baseball card collection entered into an agreement to sell the cards, the contract must be discharged, and the performance is impossible. The credit card was taken. This is the primary reason for the performance's impossibility.
As a result, the agreement of the discharge of the contract.
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A cost incurred in the past that is not relevant to any current decision is classified as a(n): Sunk costs
This is further explained below.
<h3>What are
Sunk costs?</h3>
Generally, A cost that has already been incurred but cannot be recouped is referred to as a "sunk cost" in economics and the process of making business decisions. In contrast to sunk costs, prospective costs are future expenses that might be avoided if action is done, while sunk costs have already been incurred.
In conclusion, A cost that was incurred in the past but is not relevant to any choice that is being made at this time is considered to be a(n): Incurred expenses
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There are many different types of loans, but if you're looking for loans that last for more than a year, you could look towards bonds, contracts, and some types of commercial loans (this depends on the contractor and the person handling the loan).
Answer:
Countries in the modern age stay poor because they do not have the privilege of having a country that cares about its people. Typically these countries have been involved in some sort of conflict with other nations or with themselves. A country like Mozambique would be considered poor because their political leaders during the age of the soviet union thought all the money would be in Communism which turned out to not be true.
Explanation:
Answer: C) mutually unexecuted contracts between buyers and sellers.
Explanation:
Mutually Unexecuted contracts refer to a situation where both parties being the buyer and the seller have not executed their parts of the bargain or rather fulfilled their parts of the contract.
In such a case, even though legally, there is an obligation to perform due to the signing of a contract, Accounting wise, there is no need to record a liability.
This is why Mutually Unexecuted contracts do not contribute to the need to recognize deferred revenue.
