onerous contracts

A contract entered into in which the unavaoidable costs of fulfilling the contract exceed any expected revenues and in which compensation has to be paid to the other party if the terms of the contract are not fulfilled.

Accounting dictionary. 2014.

Look at other dictionaries:

  • gratuitous and onerous contracts — Gratuitous contracts are those of which the object is the benefit of the person with whom it is made, without any profit or advantage received or promised as a consideration for it. It is not, however, the less gratuitous if it proceeds either… …   Black's law dictionary

  • onerous contract — gratuitous and onerous contracts Gratuitous contracts are those of which the object is the benefit of the person with whom it is made, without any profit or advantage received or promised as a consideration for it. It is not, however, the less… …   Black's law dictionary

  • Onerous Contract — A type of contract where the costs involved with fulfilling the terms and conditions of the contract are higher than the amount of economic benefit received. According to the International Accounting Standards (IAS), there are two methods for the …   Investment dictionary

  • gratuitous contract — gratuitous and onerous contracts Gratuitous contracts are those of which the object is the benefit of the person with whom it is made, without any profit or advantage received or promised as a consideration for it. It is not, however, the less… …   Black's law dictionary

  • contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… …   Black's law dictionary

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  • Contract — A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange. The New York Times Financial Glossary * * * ▪ I.… …   Financial and business terms

  • Right to Manage — The United Kingdom Commonhold and Leasehold Reform Act 2002 [ [http://www.statutelaw.gov.uk/legResults.aspx?LegType=All+Legislation title=commonhold+and+leasehold+reform+act Year=2002 searchEnacted=0 extentMatchOnly=0 confersPower=0… …   Wikipedia

  • insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… …   Universalium

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