CERTYNEX IFRS ACADEMY

On 1 March 20X1, Nordex and a customer sign an agreement for the supply of sensors. At that date, no sensor has been delivered and no amount has been paid or is due. The contract allows each party to terminate it at any time before the first delivery, without compensating the other. Is there a contract under IFRS 15 at 1 March 20X1?

Yes, since the agreement is signed by both parties.

No, because the contract is wholly unperformed and each party can terminate it unilaterally without compensation.

Yes, but only for Nordex, because it is the customer that can terminate.

No, because a contract exists only after the customer's first payment.