REG - Nate's

Question 1

Consideration must be

Answer 1

Legally sufficient. This doesnt mean fair or equal

Question 2

A CPA can charge a contingent fee when helping a client with a claim for a refund filed solely:

Answer 2

In connection with a determination of statutory interest or penalties

Question 3

Ultramares rules

Answer 3

Est in 1932 case of the same name, requires privity before an accountant is liable for negligence. Other rules, such as the Restatement rule, allow foreseeable users who rely on a negligently false statement to sue

Question 4

Sales contracts over $500 are governed by

Answer 4

The statute of frauds. The UCC governs even the sale of a gumball

Question 5

What is the one term that must be set for a UCC contract to be enforceable?

Answer 5

Acceptance. Without acceptance it’s still just a negotiation

Question 6

To be an enforceable written contract, what must the contract include?

Answer 6

The quantity of goods

Question 7

In a fraud, the CPA is generally liable to all:

Answer 7

Reasonably foreseeable victims of the misstatement

Question 8

Under UCC when does risk of loss pass to buyer?

Answer 8

Then the goods are delivered to the carrier

Question 9

What does a principal have to do to terminate residual authority to one of it’s agents?

Answer 9

Notify all three agent’s known customers and publish the termination in appropriate trade journals

Question 10

10. Details of an output contract

Answer 10

When a customer agrees to buy all their materials from one supplier, courts decided that parties probably know about how much a supplier will order, so that is enough consideration to support a contract. Of a contract cant be concluded within a year of it’s execution it must be supported by a signed writing under the statute of fradua