Each of the following criteria, except one, must be met for a contract with a customer to fall under the guidance of Section 606 of FASB ASC. Which criteria is NOT required? a. The contract must have commercial substance. b. The payment terms can be identified. c. The costs to fulfill the contract are expected to be recovered. d. Each party's rights regarding goods and services to be transferred can be identified. What is a performance obligation? a. a liability incurred when a customer pays for a product or service before delivery b. a promise in a contract with a customer to transfer to the customer goods or services c. a contract provision guaranteeing performance to a customer or agreeing to pay a penalty d. a list of items that must be delivered to a customer before a contract is considered complete