Enforcing Contracts That Cross International Borders Is

question 114

Multiple Choice

Enforcing contracts that cross international borders is

• A) simply a matter of applying the local law to the contract.
• B) complicated and governed in most nations by the CISG.
• C) secondary to who has possession of the goods, regardless of title.
• D) nearly impossible, so negotiation is important.

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Definitions:

Biological Assets

Living plants or animals that are held by an entity for the purpose of selling them, producing agricultural produce, or providing services.

Agricultural Produce

Products resulting from agricultural activities that have not been processed significantly, such as crops, livestock, and fisheries.

AASB 13

The Australian Accounting Standards Board document that defines fair value, provides a framework for measuring fair value, and requires disclosures about fair value measurement.

AASB 141

The Australian Accounting Standards Board's standard on Agriculture, outlining the accounting treatment for agricultural activity.