A Footnote Disclosure Only Is Required If the Likelihood of a Loss

question 42

Multiple Choice

A footnote disclosure only is required if the likelihood of a loss due to a contingency is

• A) Remote
• B) Reasonably possible
• C) Probable
• D) Negligible

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Definitions:

Sale of Goods Act

A statutory regulation that governs the sale and purchase of goods, ensuring certain standards are met regarding the quality, fitness, and description of the goods.

Home-Grown Laws

Legislation or regulations uniquely developed and applied within a specific country or jurisdiction, reflecting local customs or needs.

Delivery

The process of transporting goods from one place to another, or the act of handing over property or documents.

Warranty

A guarantee provided by a manufacturer or seller concerning the condition of a product, often promising repair or replacement in specific circumstances.