Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

9. Current Liabilities

Types of Liabilities

Financial Accounting

9. Current Liabilities

Types of Liabilities

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Multiple Choice

Which of the following is NOT a way in which a contract may be discharged by operation of law?

Death of a party in a personal service contract

Performance of the contract

Bankruptcy

Alteration of the contract by one party without consent

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Verified step by step guidance

Understand the concept of 'discharge of a contract by operation of law,' which refers to situations where a contract is terminated due to legal reasons rather than actions of the parties involved.

Review the options provided in the problem: 'Death of a party in a personal service contract,' 'Performance of the contract,' 'Bankruptcy,' and 'Alteration of the contract by one party without consent.'

Analyze each option: 'Death of a party in a personal service contract' can discharge a contract because personal service contracts depend on the unique skills of the individual, and their death makes performance impossible.

Consider 'Bankruptcy,' which can discharge a contract by operation of law because bankruptcy laws may relieve a party of their contractual obligations.

Evaluate 'Performance of the contract,' which does not discharge a contract by operation of law but rather fulfills the contract's terms, making it the correct answer to the question.