Business Law Ethics and Professional Responsibilities

Business Law Ethics and Professional Responsibilities
Order 59564782
Business Law Ethics and Professional Responsibilities
1. Poznok offers to sell Lavroff his pizza place for $50,000. Lavroff would like
to think about it for a while and offers Poznok $500 for a 30-day option.
If Poznok takes Lavroff’s $500 check:
I. Lavroff has 30 days to make offers to Poznok but does not have to
buy the store
II. then on day 18, Lavroff offers Poznok less than $50,000 and Poznok
refuses, the option contract has been terminated by counteroffer and
Poznok could immediately place the store back on the open market
(A) I only
(B) Il only
(C) both I and II
(D) neither I nor II
2. The mailbox rule generally makes acceptance of an offer effective at the
time the acceptance is dispatched. The mailbox rule does not apply if
(A) both the offeror and offeree are merchants
(B) the offer provides that an acceptance should not be effective until
actually received ;
(C) the offer proposes a sale of real estate
(D) the duration of the offer is not in excess of three months
Business Law, Ethics, and Professional Responsibilities McGraw-Hill Education 500 Regulation Questions for the CPA Exam
327. To prevail in a contract for a common law action for fraud, a plaintiff
must prove that the
I. misrepresentations were niaterial
IJ. defendant was an expert with regard to the misrepresentations
>
NE SSwe
I only
II only
both I and II AR
neither I nor II
“ B
Cc
D Sere
328. Dave negotiated the sale of his bagel store to Ed. Ed asked to see the prior
year’s financial statements. Using the store’s checkbook, Dave prepared
a balance sheet and profit and loss (P