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Contracts

REG Chapter 6 · Area II · Blueprint II.B

Contracts are the law of promises that business runs on. This chapter follows Mina Park of Coastal Pottery as she buys a new kiln, sells tiles to hotels and hires a builder, and each deal raises a contract question: was a contract formed, does it need to be in writing, was it performed or discharged, and what happens when someone breaks it? Two bodies of law apply, the common law for services and land and UCC Article 2 for the sale of goods, and the exam loves the places where they differ.

In this chapter

1. Which law applies, and the types of contracts
2. The offer and how it ends
3. Acceptance, the mailbox rule and the battle of the forms
4. Consideration and its substitutes
5. Capacity, legality and defenses that undo a contract
6. The Statute of Frauds and the parol evidence rule
7. Performance, conditions and discharge
8. Sales of goods: risk of loss and warranties
9. Breach and remedies

This chapter has 9 lessons, 50 practice MCQs with explanations and 20 simulations, plus flashcards and a recall sheet.

What this chapter covers

• Formation
• types of contracts
• common law and UCC sales
• performance and discharge
• breach and remedies

Chapter 5: Agency · Chapter 7: Debtor-creditor relationships