Call Now to Set Up Tutoring:

(888) 888-0446

Create an account to track your scores
and create your own practice tests:

Create an Account Create a Practice Test

Flashcards: Regulation

Which of the following is not an essential element of a contract?

Statute of frauds

Legality

Acceptance

Offer

Consideration

Report an Error Copyright Notice

All CPA Exam Resources

9 Practice Tests Question of the Day Flashcards Learn by Concept

Want to review CPA Exam but don’t feel like sitting for a whole test at the moment? Varsity Tutors has you covered with thousands of different CPA Exam flashcards! Our CPA Exam flashcards allow you to practice with as few or as many questions as you like. Get some studying in now with our numerous CPA Exam flashcards.

Flashcards: Regulation

Which of the following is not an essential element of a contract?

Statute of frauds

Legality

Acceptance

Offer

Consideration

Report an Error Copyright Notice

Flashcards: Regulation

Which of the following is not an essential element of a contract?

Your answer:

Legality

Your answer:

Acceptance

Your answer:

Offer

Your answer:

Consideration

Correct answer:

Statute of frauds

Explanation:

Contracts form the foundation of many law topics; furthermore, a contract is made up of several essential elements that include the following: offer, acceptance, consideration, legal capacity, and legality. It is important to note that acceptance refers to an agreement or mutual assent between the parties initiating a contract. On the other hand, a statute of frauds is not an essential element. Statutes of frauds are applied on a case-by-case basis depending on the factual situation of each contract.

Flashcards: Regulation

An individual may exclude from income up to __________ of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least __________ of the five years __________ the sale.

$\$250,000\textup{. . . two. . . preceding}$ $\displaystyle \$250,000\textup{. . . two. . . preceding}$

$\$250,000\textup{. . . two. . . post}$ $\displaystyle \$250,000\textup{. . . two. . . post}$

$\$500,000\textup{. . . one. . . preceding}$ $\displaystyle \$500,000\textup{. . . one. . . preceding}$

$\$500,000\textup{. . . two. . . post}$ $\displaystyle \$500,000\textup{. . . two. . . post}$

$\$350,000\textup{. . . two. . . preceding}$ $\displaystyle \$350,000\textup{. . . two. . . preceding}$

Report an Error Copyright Notice

Flashcards: Regulation

Your answer:

$\$250,000\textup{. . . two. . . post}$ $\displaystyle \$250,000\textup{. . . two. . . post}$

Your answer:

$\$500,000\textup{. . . one. . . preceding}$ $\displaystyle \$500,000\textup{. . . one. . . preceding}$

Your answer:

$\$500,000\textup{. . . two. . . post}$ $\displaystyle \$500,000\textup{. . . two. . . post}$

Your answer:

$\$350,000\textup{. . . two. . . preceding}$ $\displaystyle \$350,000\textup{. . . two. . . preceding}$

Correct answer:

$\$250,000\textup{. . . two. . . preceding}$ $\displaystyle \$250,000\textup{. . . two. . . preceding}$

Explanation:

The following choice is the correct answer:

$\$250,000\textup{. . . two. . . preceding}$ $\displaystyle \$250,000\textup{. . . two. . . preceding}$

This means that an individual may exclude from income up to two hundred and fifty thousand dollars of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least two of the five years preceding the sale. The amount can be increased to five hundred thousand if married individuals file jointly. This applies if either spouse meets the ownership requirement and both spouses meet the use requirement.

DMCA Complaint

If you believe that content available by means of the Website (as defined in our Terms of Service) infringes one or more of your copyrights, please notify us by providing a written notice (“Infringement Notice”) containing the information described below to the designated agent listed below. If Varsity Tutors takes action in response to an Infringement Notice, it will make a good faith attempt to contact the party that made such content available by means of the most recent email address, if any, provided by such party to Varsity Tutors.

Your Infringement Notice may be forwarded to the party that made the content available or to third parties such as ChillingEffects.org.

Please be advised that you will be liable for damages (including costs and attorneys’ fees) if you materially misrepresent that a product or activity is infringing your copyrights. Thus, if you are not sure content located on or linked-to by the Website infringes your copyright, you should consider first contacting an attorney.

Please follow these steps to file a notice:

You must include the following:

A physical or electronic signature of the copyright owner or a person authorized to act on their behalf; An identification of the copyright claimed to have been infringed; A description of the nature and exact location of the content that you claim to infringe your copyright, in \ sufficient detail to permit Varsity Tutors to find and positively identify that content; for example we require a link to the specific question (not just the name of the question) that contains the content and a description of which specific portion of the question – an image, a link, the text, etc – your complaint refers to; Your name, address, telephone number and email address; and A statement by you: (a) that you believe in good faith that the use of the content that you claim to infringe your copyright is not authorized by law, or by the copyright owner or such owner’s agent; (b) that all of the information contained in your Infringement Notice is accurate, and (c) under penalty of perjury, that you are either the copyright owner or a person authorized to act on their behalf.

Send your complaint to our designated agent at:

Charles Cohn Varsity Tutors LLC
101 S. Hanley Rd, Suite 300
St. Louis, MO 63105

Or fill out the form below:

Do not fill in this field

Contact Information

* Full legal name

Company name

* Phone number

* Email address

Address

* Address1

Address2

* City

* State

* Zipcode

* Country

Complaint Details

* URL of copyrighted work (where your original material is located)

* Please describe the copyrighted work so that it may be easily identified

I am the owner, or an agent authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

I have a good faith belief that the use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law.

This notification is accurate.

I acknowledge that there may be adverse legal consequences for making false or bad faith allegations of copyright infringement by using this process.

* Signature (your digital signature is legally binding)

View Tutors

Katia
Certified Tutor

Pittsburg State University, Bachelor in Arts, Communication, General. Pittsburg State University, Bachelor of Science, Psycho...

View Tutors

Robert
Certified Tutor

Rensselaer Polytechnic Institute, Bachelors, Electrical Engineering. Brooklyn Polytechnic, Masters, Computer Science.

View Tutors

Danielle
Certified Tutor

Baylor University, Bachelor of Science, Health Sciences, General.

Popular Subjects

GMAT Tutors in San Diego, Reading Tutors in Seattle, Algebra Tutors in Los Angeles, GRE Tutors in Houston, Reading Tutors in Houston, Biology Tutors in New York City, French Tutors in New York City, GRE Tutors in Seattle, SAT Tutors in Los Angeles, Algebra Tutors in Washington DC

Popular Courses & Classes

ISEE Courses & Classes in Boston, Spanish Courses & Classes in Dallas Fort Worth, ISEE Courses & Classes in Los Angeles, SAT Courses & Classes in Boston, SSAT Courses & Classes in Boston, GRE Courses & Classes in Chicago, GMAT Courses & Classes in Miami, GRE Courses & Classes in Seattle, ISEE Courses & Classes in Atlanta, ISEE Courses & Classes in Denver

Popular Test Prep

ISEE Test Prep in Boston, LSAT Test Prep in Seattle, GMAT Test Prep in Dallas Fort Worth, LSAT Test Prep in New York City, ISEE Test Prep in Denver, SSAT Test Prep in Seattle, LSAT Test Prep in Denver, ISEE Test Prep in Los Angeles, GRE Test Prep in Seattle, GMAT Test Prep in Philadelphia

HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Create an account to track your scores
and create your own practice tests:

Flashcards: Regulation

All CPA Exam Resources

Flashcards: Regulation

Flashcards: Regulation

Flashcards: Regulation

Flashcards: Regulation

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Email address:
Your name:
Feedback:

HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Create an account to track your scores and create your own practice tests:

Flashcards: Regulation

All CPA Exam Resources

Flashcards: Regulation

Flashcards: Regulation

Flashcards: Regulation

Flashcards: Regulation

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Create an account to track your scores
and create your own practice tests: