Section 2: 15–25%R4
Contracts
Exam insight
Contracts is the most heavily tested business-law area on REG. The first call you make in every question is whether common law or UCC Article 2 governs. Get that one wrong and everything that follows, formation, modification, the battle of the forms, falls apart with it.
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What AICPA wants you to know
- 1Determine whether common law or UCC Article 2 governs a contract
- 2Apply the three formation elements: offer, acceptance, and consideration
- 3Apply the UCC firm offer, mailbox rule, and §2-207 battle of the forms
- 4Identify which contracts must be in writing under the Statute of Frauds
- 5Distinguish the contract defenses (fraud, duress, mistake, capacity, illegality)
- 6Select the correct remedy for breach and apply the parol evidence rule