Wiley CPAexcel Exam Review 2014 Study Guide, Regulation

Module 26: Contracts

Overview

Contract rules provide a foundation for many other law topics; consequently, a good understanding of the material in this module will aid you in comprehending the material in other modules.

A. Essential Elements of a Contract

B. Types of Contracts

C. Discussion of Essential Elements of a Contract

D. Written Contracts

E. Assignment and Delegation

F. Third-Party Beneficiary Contracts

G. Performance of Contract

H. Discharge of Contracts

I. Remedies

J. Jurisdiction over Defendant for Online Transactions

K. Interference with Contractual Relations

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

It is important that you realize that there are two sets of contract rules to learn. The first is the group of common law contract rules that, in general, apply to contracts that are not a sale of goods. Examples of contracts that are covered by the common law include real estate, insurance, employment, and professional services. The second set is the contract rules contained in Article Two of the Uniform Commercial Code (UCC). The UCC governs transactions involving the sale of goods (i.e., tangible personal property). Hence, if the contract is for the sale or purchase of tangible personal property, the provisions of the UCC will apply, and not the common law. For every contract question, it is important that you determine which set of rules to apply. Fortunately many of the rules under these two areas ...