Nina Has Breached a Contract Between Milo and Her,but Not

question 1

Multiple Choice

Nina has breached a contract between Milo and her,but not so materially.This means that Milo can:

• A) sue only for damages caused by the breach
• B) sue for damages for a total breach of the contract
• C) cancel the contract
• D) withhold his performance,even if the breach is remedied

---

Definitions:

AASB 136

The Australian Accounting Standards Board standard on impairment of assets, providing guidelines on how an entity should test for and recognize impairment.

AASB 136

The Australian Accounting Standards Board standard related to the impairment of assets, requiring testing for impairment to ensure asset values are not overstated.

Impairment Losses

Financial write-downs recognized when the carrying amount of an asset exceeds its recoverable amount, indicating that the asset has suffered a decline in value that is not recoverable.

Accumulated Impairment

The total sum of impairment losses recognized on an asset, reducing its carrying amount on the balance sheet.