A and B Agree in Writing That a Will Renovate

question 10

Multiple Choice

A and B agree in writing that A will renovate B's house for $20 000.00.A renovates the house and B pays the money.In this situation

• A)the contract has been discharged by performance.
• B)the parties are free to go on to do whatever they like.
• C)all the obligations under the contract have been met by A and B.
• D)the contract is at an end.
• E)all of the above

---

Definitions:

Bright-line Rules

Clearly defined rules or standards that leave little ambiguity and are easy to implement or enforce.

Pronouncements

Official statements or declarations, often from authoritative entities, that dictate principles or procedures in various fields like accounting.

Rigid Standards

Strict, inflexible guidelines or criteria that must be followed rigorously.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide how financial statements are prepared and presented globally.