BYU ACC 241 NEWEST ACTUAL FINAL EXAM WITH
COMPLETE QUESTIONS & ANSWERS //GRADED
A+//VERIFIED//PASSED
Which are effective when received?
Offer
Revocation of offer
Rejection of offer
Which is effective when sent?
Acceptance
What is required in order to leave an offer open?
Separate Consideration
What is the exception to the mailbox rule?
If the parties agreeing in advance that the acceptance is
only valid when received
Page 1 of 15
, What are the 4 forms of consideration?
Tangible payment
Promise to Perform
Actually performing an action
forbearance
Pre-existing duties
If I already have a duty to do for you, that can't count as
consideration, you have to give up something new
What has to happen in order for there to be a
settlement agreement?
The amount in question has to be disputed
Another word for settlement agreement
Accord and satisfaction
Page 2 of 15
COMPLETE QUESTIONS & ANSWERS //GRADED
A+//VERIFIED//PASSED
Which are effective when received?
Offer
Revocation of offer
Rejection of offer
Which is effective when sent?
Acceptance
What is required in order to leave an offer open?
Separate Consideration
What is the exception to the mailbox rule?
If the parties agreeing in advance that the acceptance is
only valid when received
Page 1 of 15
, What are the 4 forms of consideration?
Tangible payment
Promise to Perform
Actually performing an action
forbearance
Pre-existing duties
If I already have a duty to do for you, that can't count as
consideration, you have to give up something new
What has to happen in order for there to be a
settlement agreement?
The amount in question has to be disputed
Another word for settlement agreement
Accord and satisfaction
Page 2 of 15
