Which of the Following Contracts Is Most Likely to Be

question 67

Multiple Choice

Which of the following contracts is most likely to be an incomplete contract?

• A) A contract for the purchase of a car.
• B) A contract for the purchase of an air ticket.
• C) A contract for the sale of books on the Internet.
• D) A contract for the services of a lawyer.

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Definitions:

Agricultural Produce

The harvested product of the entity’s biological assets.

Biological Assets

Living plants or animals that are used in agricultural production or held for sale, breeding, or other purposes, which can provide economic benefits to their owners.

AASB 141

An Australian accounting standard that covers the agricultural sector, detailing the accounting for agricultural activity including the recognition and measurement of biological assets and agricultural produce.

IAS 41

An international accounting standard that prescribes the accounting treatment and reporting of agricultural activity.