Briefly explain if the following examples demonstrate the efficient contract view.

$($i$)$ Accounting numbers are used to design bonus plan contracts rather than share prices;

$($ii$)$ As part of the debt contracts, the leverage ratio $($i$.$e$.,$ debt to total tangible assets$)$ excludes

intangible assets from the denominator;

$($iii$)$ A manufacturing company recognises sales revenue at the time of production, even though the

company receives no guaranteed sales contract.