CPA REG: Contracts Exam Questions
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Unilateral Contract - One promise, which is given in exchane for
performance. Contract is not formed until performance is completed
Bilateral Contract - Two promises, a promise is exchanged for a
promise. Contract is fo...
Unilateral Contract - ✔✔One promise, which is given in exchane for
performance. Contract is not formed until performance is completed
Bilateral Contract - ✔✔Two promises, a promise is exchanged for a
promise. Contract is formed as soon as the promises are exchanged.
Executory Contract - ✔✔duties remain to be performed
Executed Contract - ✔✔all the duties under the contract have been
performed
Common Law - ✔✔non-sale of goods:
Real Estate
Insurance
Services
Employment
UCC - ✔✔sale of goods (movable things)
, Elements of a Contract - ✔✔1. An ageement make up of an offer and
acceptance;
2. An exchange of consideration; and
3. A lack of defenses
Offeror - ✔✔makes offer
Offeree - ✔✔receives offer
Express Offer - ✔✔oral or written
Implied Offer - ✔✔based on conduct
Offer - ✔✔Communication must create a reasonable expectation in the
offeree that the offeror intends to make a contact
3 Questions of an Offer - ✔✔1. Was there a manifestation of intent to
contract?
2. Was there definiteness and certainty in the essential terms?
3. Was there communication of the above to the offeree?
Intent to Contract - ✔✔obvious joke is not an offer. would a reasonable
person believe the offer is serious?
Definite and Certain - ✔✔Must include:
1. identity of the offeree
2. price
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