3. Which of the following are part of the criteria that must be met when accounting for a contract with a customer?I. Commercial substance.II. Approval of the contract by all parties.III. Identification of the payment terms for the goods/services.IV. The collection of the consideration from the customer is remote.  Reading required:    Learning objective 16.3.1 on pages 520-521Group of answer choicesI, II and IV.I, II and III.I, III and IV.II and III only.

Which one of the following elements is not necessary for a contract? a) Competent parties b) Reasonable terms and conditions. c) Free consent d) Lawful consideration

Unless the parties agree otherwise, business-to-business contracts contain all but which one of the following implied terms?The goods are of merchantable quality or reasonably fit for a purpose specified by the purchaser.The goods are not subject to any claims by others, such as liens.The purchaser has a right to purchase the goods.The goods correspond accurately to a description or sample.

Consideration, an essential element in the formation of a valid contract, may be identified as:

Seven essential elements must be present before a ____________ is binding: the offer, acceptance, mutual assent, consideration, capacity, and legalitya.budgetb.termsc.agreementd.contract

Which part of a commercial agreement specifies the terms and conditions that govern the relationship between the parties?  A. Specification  B. Key performance indicators (KPIs)  C. Contractual terms  D. Performance management frameworks