Video: Contract Law: Formation, Performance, Discharge, Breach and Remedies Overview

In this lesson, Nick Palazzolo, CPA, unravels the intricacies of contract law starting with the basics of contract formation, diving into what constitutes a valid contract. By examining key components such as agreement, consideration, capacity, and intention, the foundation for understanding various types of contracts—including written, verbal, express, and implied—is laid out. Nick then explores the critical nature of performance obligations, using relatable examples from the CPA professional sphere, such as audit and tax work, to illustrate the real-world implications of these legal concepts. To round out the discussion, attention is turned to the outcomes when these obligations are unmet, including the examination of contract discharge methods and potential remedies for breach of contract, providing essential insight into the legal consequences and solutions within professional engagements.