This Bisk CPA Review REG video covers Elements of a Valid Contract for the Regulation section of the CPA Exam. 2020 CPA Review materials: ➤ Disclaimer: These CPA Review videos were last updated in 2015. NINJA CPA Review owns the rights to the Bisk CPA Review course videos and could have deleted them and they'd be gone forever (along with Bob Monette's great teaching style), but we chose to archive them for free online. The outdated CPA Exam content in these videos has not been edited or removed. While these videos still hold value, we strongly caution you to only watch them in conjunction with an updated 2020 CPA Review course.
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I'm Jack Norman and we're discussing contract elements. As you recall, I gave you a mnemonic to focus on the seven elements of a valid contract, a cold sip of cola. And one of those days was acceptance. Acceptance must be unconditional. The offeree must accept the offering, just the way it was made any change in terms is a counter-offer, and a counter-offer terminates the original offer. Now you must remember and it frequently appears on the exam that inquiries are not counter-offers the offer remains open while the question has been placed out, and the offeree is awaiting a response to his question, but it is not a counter-offer.
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