It should be true, since the delivery obligation is met. (The contract doesn't have to be a physical thing. In this case the contract is very easy, take the shirt you like, check out and it is yours!)
True. There was an offer by the seller of a product (shirt) and acceptance of the offer buyer who paid for it (shirt). That constitutes a contract. (implied by the actions of the two parties (buyer and the seller) for a consideration (price paid) for the shirt.
Thank you very very much Sir, It's very Helpful.
Most welcome. Please take a look at my website: farhatlectures.com/ then choose your course.
How do we account for Commissions under this new Revenue recognition method?
Please visit my website for more resources farhatlectures.com/
Point 4. This should be FALSE. Because the customer has not made any contract and he is buying the shirt by paying cash without contract.
It should be true, since the delivery obligation is met. (The contract doesn't have to be a physical thing. In this case the contract is very easy, take the shirt you like, check out and it is yours!)
True. There was an offer by the seller of a product (shirt) and acceptance of the offer buyer who paid for it (shirt). That constitutes a contract. (implied by the actions of the two parties (buyer and the seller) for a consideration (price paid) for the shirt.
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