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Trade receivables and payables in the financial statements of a sales tax registered trader will appear as described by which

of the following?

A

Inclusive of sales tax in the statement of financial position

B

Exclusive of sales tax in the statement of financial position

C

The sales tax is deducted and added to the sales tax account in the statement of financial

position

D

Sales tax does not appear in the statement of financial position because the business simply acts as a collector on behalf of the tax authorities

Which of the following correctly describe the entry in the sales account for a sale for a sales tax registered trader?

A

Credited with the total of sales made, including sales tax

B

Debited with the total of sales made, including sales tax

C

Debited with the total of sales made, excluding sales tax

D

Credited with the total of sales made, excluding sales tax

Which of the following statements in relation to liquidated damages is correct? 

A

 Liquidated damage clauses are void and unenforceable in contract law 

B

Liquidated damage clauses must be highlighted in the contract 

C

 The purpose of liquidated damage clauses is to deter potential breaches of contract 

D

 Liquidated damages are only payable where a condition of a contract is breached 

Which of the following is true regarding injunctions? 

A

 Injunctions are a common law remedy 

B

 A court has no discretion as to whether or not to award an injunction

C

 Injunctions require a defendant to observe a negative restriction of a contract 

D

 Injunctions may be awarded in conjunction with an award for damages 

 Rescission is an equitable remedy, and where available, makes the contract voidable. There are a number of conditions attached to the award of rescission.  

Which of the following is a condition that must be met for an award of rescission to be made? 

A

The innocent party, only, must be able to be restored to their pre-contract position 

B

 The right to rescind the contract must be exercised within 30 days of it being awarded 

C

 Rescission must take place after the contract is affirmed 

D

 Innocent third parties must not have acquired rights under the subject matter of the contract 

For an order for specific performance to be made, which TWO of the following criteria must be met?

 (1) Damages must be inadequate compensation 

 (2) Consideration must have passed between the parties 

 (3) The parties must both agree to the award  

(4) The contract must require performance over a long period of time 

A

 1 and 2 

B

 1 and 3 

C

 2 and 3 

D

 2 and 4 

Which of the following remedies for breach of contract involves the injured party claiming the value of the work they have done? 

A

 Quantum meruit 

B

Action for the price 

C

 Specific performance 

D

 Rescission 

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20

【论述题】

State the nature of Jane's letter to Elle.

State whether Elle's reply at the end of March had lapsed through the passing of time.

State whether Jane has a valid contract with Elle for the sale of the boat.