The basic principles of contract law include mutual assent, consideration, capacity and legality but the depth of contract law goes much farther. There are legal as well as accounting ramifications to contracts. This course introduces the law of contracts including contract terminology, the elements of an enforceable contract, different types of contracts, breach of contracts and arbitration. Because most contracts are governed by the legal authoritative regulations found in Article 2 of the Uniform Commercial Code, the relevant Parts 2 and 3 covering the form, formation and readjustment of contracts as well as general obligations and the construction of contracts are included. The remainder of this course is devoted to the Accounting Standards Update 2014-09, Revenue from Contracts with Customers, as is incorporated into FASB ASC Topic 606 as well as other types of contracts that are specifically excluded from this particular authoritative guidance.
Upon successful completion of Business Law for Accountants: Contracts, the user should be able to:recognize the basic principles of contract law;identify the fundamental elements of a contract;recall the applicable Sections of the Uniform Commercial Code (UCC) as it relates to contract law;determine the appropriate methods for recognizing revenue from contracts with customers in accordance with FASB ASC Topic 606; andrecognize the types of contracts that fall outside the scope of FASB ASC Topic 606.
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