Check my wor A contract does not exist for purposes of applying the revenue recognition principle in all of the following cases except for when Multiple Choice 4:22 The seller believes it is not probable that it will collect the amount it's entitled to receive under the contract The seller and buyer did not sign a formalized written contract The seler and buyer can terminate the contract without penaity and neither has performed any obligations under the contract The seller beleves it is highly likely but not certain that the buyer will agree to the terms of the contract