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Convenience Tech Shopping Ltd is a Namibian incorporated company specializing in providing online shopping via the internet. The company's standard practice is to package a customer's order for a price of $175.
The company's system operates as follows:
i) Customers phone through their orders to the company representatives;
ii) Company advises customer services offered and the cost thereof. For future reference purposes, all telephonic conversions are recorded;
iii) If the customer is agreeable to the terms provided by company representatives, a payment is made over the telephone via the customer's credit card.
iv) On successful processing o the payment made by the customer, Convenience Tech Shopping Ltd gives the customer an access code for the company's website in order to track its order.
Required:
Question 1: Discuss whether the online shopping service provided by Convenience Tech Shopping Ltd is a contract with a customer in accordance with IFRS 15.
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