CPA REG: Contract Law Exam Questions and Answer 100% Solved | Rated A+
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Course
CPA - Certified Public Accountant
Institution
CPA - Certified Public Accountant
CPA REG: Contract Law Exam
Questions and Answer 100% Solved |
Rated A+
3 parts of a valid contract - 1. Offer
2. Acceptance
3. Consideration
Offer (and components) - Offerer expresses a willingness to enter into
contract with offeree:
1. Definite terms (who, what, when, how much)
2. Intent...
Offer (and components) - ✔✔Offerer expresses a willingness to enter into
contract with offeree:
1. Definite terms (who, what, when, how much)
2. Intent
3. Communicated to offeree (when constructively received!)
Is a newspaper ad an offer? - ✔✔No, because a mere invitation to offer,
not actual intent.
Is "this offer is valid to the first 10 people!" considered an offer? - ✔✔Yes!
limits the scope.
, Express vs Implied-in-fact contract - ✔✔Express: oral/written with explicit
terms of who, what, when, where, how much
Implied-in-fact: behavior makes it clear of terms (don't need to expressly
write it out.
If you (both) agree to mow neighbors lawn for $10 and have already done
it, is it express or implied? - ✔✔implied terms because already performing
behavior
Implied-in-law (Quasi Contract) - ✔✔courts decide that parties should be
treated as if had an agreement in order to avoid one party being unjustly
enriched at expense of another
...ex. "poor" person gets free doc services and doc finds out they're rich.
Can go to court and allowed to bill for normal services.
When does an offer terminate? - ✔✔-expire
-revoked
-rejected
-counteroffer
-operation of law (death, illegal, destructed)
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