In Islamic Banking,all Except One of the Following Are Honoured

question 39

Multiple Choice

In Islamic banking,all except one of the following are honoured principles:

• A)the time value of money
• B)Shari'a Law
• C)no interest (Riba)on loans
• D)a Mudaraba contract

Understand the principles of contract performance, including substantial performance and conditions for complete performance.

Recognize the significance and application of liquidated and consequential damages in contract breaches.

Grasp the concepts of impossibility of performance and warranties under the Uniform Commercial Code (UCC).

Differentiate between UCC governance and common law principles in contracts.

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Definitions:

Depreciation Expense

The allocated amount of the cost of an asset over its useful life, reflecting wear and tear or obsolescence.

Tax Rate

The income proportion taken as tax from either individuals or corporations.

Variable Cost

Expenses that fluctuate in direct proportion to the volume of production or commercial operations.

Contribution Margin

The amount by which the sale of a product or service exceeds its production cost, used to cover fixed costs and generate profit.