CP-09 (Other standards) Flashcards
(10 cards)
1
Q
Onerous contract
A
A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefit expected to be received under it.
2
Q
Unavoidable costs
A
The lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it. In other words, it is the lowest net cost of exiting from the
contract.
3
Q
A
4
Q
A
5
Q
A
6
Q
A
7
Q
A
8
Q
A
9
Q
A
10
Q
A
