When a Contract Is Breached, the Other Person Can Sue

question 55

Multiple Choice

When a contract is breached, the other person can sue the person who breached the contract for:

• A)Monetary compensation.
• B)A fine.
• C)Imprisonment.
• D)An apology.

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Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting practices and standards for private companies in Canada.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for preparing financial statements.

Comparability

An accounting principle that ensures financial statements can be consistently compared across different periods and entities.

Differential Reporting

A principle allowing entities not to adhere strictly to some accounting standards if their specific size or nature makes such standards not relevant.