Video: Contract Law: Formation, Performance, Discharge, Breach and Remedies - Practice Questions

In this lesson, Nick Palazzolo, CPA, dives into the complexities of contract law through a series of multiple-choice questions that bring clarity to legal concepts such as mutual rescission, novation, accord, and satisfaction. With practical examples, he deconstructs the idea of anticipatory repudiation, explaining how it can lead to material breaches of contracts and what options are available for the non-repudiating party. By addressing real-world scenarios, Nick demystifies the dense terminology often associated with contract law, making it more digestible and highlighting the importance of understanding these concepts thoroughly.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Welcome back to some more multiple choice questions on some contract law. Let's dive right in Connor $500 Connor agreed to accept Kelly's microwave oven instead of the money Connor needs a microwave give it to him Kelly immediately delivered the oven to Connor which of the following terms correctly describes this agreement I've got a question here with all these terms We've seen these throughout the exam all the way back when we're dealing with the IRS IRC And what are your duties as a tax preparer to your client? That's kind of dealing with contract law and then of course as we go through contract law, you know very in-depth with all of The intricacies that we see there just look at these words. I mean we see a lot of Latin words We see a lot of terms. Yeah, it's a little rough because we're taking a tax exam still dealing with business law But what do we see here? Well, what is mutual rescission? What's novation? Let's run through what all of First we're taking a look at mutual rescission. Well mutual rescission This describes an agreement to cancel an existing contract or obligation and that's not what we're dealing with here So we're gonna eliminate letter a what about novation? What is that? Well, this describes an agreement to replace an existing obligation or a contract with a new one and that's not what's going on here We're not replacing the original contract with the new one. What about material alteration? Well, this describes an agreement to modify an existing obligation or contract which again is not the case here now accord and satisfaction This describes The agreement we see here because it involves an agreement to accept something other than the original obligation in

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Agency & Contract Law

Module: 2 Concepts, 34 Videos

Principals & Agents: Authority, Duties, and Liabilities Overview

2:02

Introduction to Principals and Agents

3:30

Formation of Agency

5:58

Terms Related to Principals and Agents