Which of the following statements is correct?Group of answer choicesAn exemption clause is a term that completely excludes one party’s liabilityAn exclusion clause limits one party’s liability whereas an exemption clause limits all parties’ liabilityAn exemption clause limits liability to a certain monetary amountAn exemption clause is a term that excludes or limits the liability of one or more parties

Which of the following statements is NOT correct?Group of answer choicesIncorporated associations can sue and be sued under their own nameIncorporated associations have a restriction on the ability to carry on a business or a tradeIncorporated associations can enter into contractsThe committee members in an incorporated association are generally liable for the debt of the associations

What does the contra proferentem rule state?Group of answer choicesAn exclusion clause can only be relied upon if it is specifically brought to the other party's attention prior to the contract being entered into.An exclusion clause cannot be relied on to exclude liability for a fundamental breach of contract.A person cannot rely on an unreasonable exclusion clause.An ambiguous exclusion clause will be interpreted against the person seeking to rely on it.

Which of the following statements is incorrect?Group of answer choicesWhen adjustments for intragroup transactions affect the carrying amount of assets or liabilities, further adjustments are made for the tax effect of those adjustments.The profits or losses generated from intragroup transfers of assets are only considered realised from the group's perspective when those assets are transferred to external entities.Adjustments are determined by comparing the amounts recognised in the individual accounts affected with the amounts that the group should recognise.Adjustments are required for both prior period and current period intragroup transactions to the extent that the effects of those transactions are still present in the individual accounts of the entities involved.

Which of the following statements are true? [Select all that apply]Group of answer choicesExplicit Deny overrides Explicit AllowInherited Deny overrides Explicit AllowExplicit Allow overrides Inherited DenyInherited Allow overrides Inherited DenyInherited Deny overrides Inherited AllowExplicit Allow overrides Explicit DenyInherited Deny overrides Explicit DenyImplicit Deny overrides all other permissions

Which of the following statements is false:Group of answer choicesPartnerships are limited to 200 individual partnersA sole trader has unlimited liability as its only one personNone of the statements are falseOnly some companies have their shares traded on the share market