What are the different contract types to know for the CPA exam?
Business law is tested in the REG section of the CPA exam. There are five types of contracts that you should be familiar with for the exam. The contract types include express contracts, implied-in-fact contracts, quasi contracts, unilateral contracts, and bilateral contracts.
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What is an example of a bilateral contract?
A bilateral contract is a contract that requires promises to be made between two separate parties. The contract will be performed as soon as the promises have been exchanged. Below is an example of a bilateral contract: The difference between a bilateral contract and a unilateral contract is that in a unilateral contract, formation of […]
What is an example of a quasi contract?
A quasi contract, which is often referred to as an implied in-law contract, are simply remedies that will enable a plaintiff to recover benefits from the defendant. For the contract to be considered quasi, a previous arrangement or contract cannot exist.
What is an example of a unilateral contract?
A unilateral contract is a contract that is one premise that is provided in exchange for the performance. The formation of the contract does not occur until after the performance has been completed. Below is an example of a unilateral contract: