Contract Law - CPA Regulation (REG)
Card 1 of 24
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
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Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
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Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
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“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
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If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
Tap to reveal answer
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
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In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
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To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
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ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
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The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
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The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
Tap to reveal answer
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
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Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Tap to reveal answer
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
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Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Tap to reveal answer
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
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If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
Tap to reveal answer
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
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In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
Tap to reveal answer
To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
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ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
Tap to reveal answer
The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
← Didn't Know|Knew It →
The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
Tap to reveal answer
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
← Didn't Know|Knew It →
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Tap to reveal answer
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
← Didn't Know|Knew It →
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Tap to reveal answer
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
← Didn't Know|Knew It →
If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
If a party to a contract engages in an anticipatory repudiation of the contract, which of the following statements is correct?
Tap to reveal answer
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
Anticipatory repudiation occurs when a party declares that he or she does not intend to fulfill the obligations of a contract. This creates a material breach wherein the other party may take action prior to the repudiating party’s attempt at performance. The repudiating party may retract the repudiation unless the other party has cancelled or materially changed the contract.
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In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
Tap to reveal answer
To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
To be effective, consideration must be legally sufficient which means something that the law recognizes as consideration.
← Didn't Know|Knew It →
ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
ABC offered, in writing, to sell DEF a parcel of land for $200,000. If ABC dies, the offer will:
Tap to reveal answer
The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
The death of an offeror prior to acceptance terminates the offer by operation of law without notice to the offeree.
← Didn't Know|Knew It →
The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
The statute of limitations time period would begin from which of the following dates if there is a breach in a construction contract?
Tap to reveal answer
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
The statute of limitations begins when the contract is breached when the wrongdoing has begun. None of these other dates would be the starting period.
← Didn't Know|Knew It →
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Which of the following pairs of elements must a client prove to hold an accountant liable for common law fraud?
Tap to reveal answer
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
Common law fraud requires five elements all to be met: 1) misrepresentation of a material fact by the defrauding party; 2) scienter (intent to deceive); 3) intent to induce reliance; 4) reasonable reliance, and 5) actual damages to another party.
← Didn't Know|Knew It →
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Which of the following circumstances generally will cause a discharge of contractual duties by operation of law?
Tap to reveal answer
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
“Operation of law” refers to legal consequences of events based on legal principles, rather than from an individual’s action or a court order. In the event that performance becomes impossible (e.g., a person contracted to provide services dies or becomes incapacitated), this necessarily discharges the duties of performance.
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