CPA REG Contracts – Key Concepts & Mnemonics for the Regulation Exam (USA, 2025)
Unilateral |Contract |- |answersOne |promise, |which |is |given |in |exchane |for |performance. |Contract |is |not
|formed |until |performance |is |completed
Bilateral |Contract |- |answersTwo |promises, |a |promise |is |exchanged |for |a |promise. |Contract |is |formed |
as |soon |as |the |promises |are |exchanged.
Executory |Contract |- |answersduties |remain |to |be |performed
Executed |Contract |- |answersall |the |duties |under |the |contract |have |been |performed
Common |Law |- |answersnon-sale |of |goods:
Real |Estate
Insurance
Services
Employment
UCC |- |answerssale |of |goods |(movable |things)
Elements |of |a |Contract |- |answers1. |An |ageement |make |up |of |an |offer |and |acceptance;
2. |An |exchange |of |consideration; |and |
3. |A |lack |of |defenses
Offeror |- |answersmakes |offer
Offeree |- |answersreceives |offer
Express |Offer |- |answersoral |or |written
Implied |Offer |- |answersbased |on |conduct
Offer |- |answersCommunication |must |create |a |reasonable |expectation |in |the |offeree |that |the |offeror |
intends |to |make |a |contact
3 |Questions |of |an |Offer |- |answers1. |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 |- |answersobvious |joke |is |not |an |offer. |would |a |reasonable |person |believe |the |offer |
is |serious?
Definite |and |Certain |- |answersMust |include:
Unilateral |Contract |- |answersOne |promise, |which |is |given |in |exchane |for |performance. |Contract |is |not
|formed |until |performance |is |completed
Bilateral |Contract |- |answersTwo |promises, |a |promise |is |exchanged |for |a |promise. |Contract |is |formed |
as |soon |as |the |promises |are |exchanged.
Executory |Contract |- |answersduties |remain |to |be |performed
Executed |Contract |- |answersall |the |duties |under |the |contract |have |been |performed
Common |Law |- |answersnon-sale |of |goods:
Real |Estate
Insurance
Services
Employment
UCC |- |answerssale |of |goods |(movable |things)
Elements |of |a |Contract |- |answers1. |An |ageement |make |up |of |an |offer |and |acceptance;
2. |An |exchange |of |consideration; |and |
3. |A |lack |of |defenses
Offeror |- |answersmakes |offer
Offeree |- |answersreceives |offer
Express |Offer |- |answersoral |or |written
Implied |Offer |- |answersbased |on |conduct
Offer |- |answersCommunication |must |create |a |reasonable |expectation |in |the |offeree |that |the |offeror |
intends |to |make |a |contact
3 |Questions |of |an |Offer |- |answers1. |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 |- |answersobvious |joke |is |not |an |offer. |would |a |reasonable |person |believe |the |offer |
is |serious?
Definite |and |Certain |- |answersMust |include:
