Contract Formation
Free CPA REG (Taxation & Regulation) lesson in Business Law. 15 min read, ~2,248 words.
A valid contract requires five elements: offer, acceptance, consideration, capacity, and legality. Mailbox rule: acceptance is effective when sent; revocations and rejections are effective when received. Mirror image rule (common law) makes any change a counteroffer; UCC battle of the forms (2-207) lets additional terms between merchants enter the contract...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- II.B1
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