CPA exam 1 cheatsheet

CPA exam 1 cheatsheet - Chapter 8 Contract Law Uniform...

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Chapter 8 Contract Law Uniform Commercial Code: Try to promote fair dealing and higher standards of behavior in market place. - Article 2 – Sale of goods (tangible personal property) not real estate, stock, bonds, Service, information, other intangible. Look at Common law if not. - Types of contract: - Unenforceable contract: meets the basic legal requirement for a contract but not enforced due to some other legal rule. Ex. Some contract should be in writing (real estate) - Voidable contract: may be canceled by one or both parties. Minors have the legal right to cancel. - Void contract: lacks one or more of the basic requirements for a contract. An agreement to steal a car, not legal. - Express contract: parties have directly stated its term at the time the contract was formed. - Implied contract: when the surrounding facts and circumstances indicate that an agreement has in fact been reached. A court would infer a promise on the part of your dentist to use reasonable care in treating you, and you promise to pay fee. Quasi contract: - a legal fiction created by the court to avoid injustice. It requires the defendant to act as if he had promised to pay for the benefit he voluntarily received. It applies where one of the parties voluntarily receives a benefit from the other party under circumstances that make it unfair to keep the benefit without paying it. - A painter accidentally went to Bob’s house instead of Steves and Bob saw the painter and did not say anything. Bob will have to pay because although there is no contract, he implied that he’ll take the contract by seeing the painter’s paint. Promissory Estoppel - A promise is made that the promisor should know is likely to induce reliance -> there is significant reliance on the promise by the promisee -> an injustice will occur if the promise is not enforced.
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Chapt 9 Creating a contract: offers - Offer + acceptance = Agreement Shrinkwrap contracts: When a purchaser buys software these disks are encased in plastic shrinkwrap contracting. By removing the wrap, you accept the licensing agreement. Bid: Advertising for bids, even though a subcontractor’s bid is an offer, it generally
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This note was uploaded on 04/28/2008 for the course SCH-MGT 583 taught by Professor Frankcaruso during the Spring '08 term at UMass (Amherst).

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CPA exam 1 cheatsheet - Chapter 8 Contract Law Uniform...

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