Unconditional Promises to Transfer Cash or Other Resources to an Entity

question 63

Multiple Choice

Unconditional promises to transfer cash or other resources to an entity in a voluntary nonreciprocal transaction is the GAAP definition of:

• A) Miscellaneous revenues.
• B) Contributions.
• C) Unconditional promises to give.
• D) Exchange transactions.
• E) Pledges.

---

Definitions:

Power of Acceptance

In contract law, the authority to accept an offer and create a binding legal agreement by expressing agreement to its terms.

Undue Excitement

Excessive enthusiasm or agitation that surpasses usual levels or expectations.

Effective Offer

A proposal made by one party to another intending to create a legal obligation upon acceptance.

Reasonably Definite Terms

A requirement in contract law that the terms of a contract must be clear enough for both parties to be able to understand their obligations and enforce the agreement.