What Is My Name? I Am a Precedent for the Rules

question 25

Multiple Choice

What is my name? I am a precedent for the rules that a party in breach of a contract will be liable for any loss that 'flowed' directly from the breach; the loss cannot be too remote and the loss must be reasonably foreseeable or specifically communicated.

• A)The Victoria Laundry Case.
• B)Baltic Shipping Co v Dillon.
• C)Jarvis v Swan Tours.
• D)Pavey & Matthews Pty Ltd v Paul.

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Definitions:

General Ledger

The comprehensive set of accounts that records all transactions of a business, serving as the foundation for preparing financial statements.

Accounting Time Periods

The specific intervals or time frames for which financial information is reported, such as monthly, quarterly, or annually.

Interim Periods

Shorter reporting periods within a fiscal year, such as quarters or months, used by companies to provide timely financial information.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.