This module, which contains questions and answers regarding CFP Fundamental Principal topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Formation - elements of a contract, privity, types of contracts, void vs. voidable contracts, actual vs. constructive fraud, terms to create a valid offer, revocation of offer, irrevocable offers, termination of an offer, unilateral vs. bilateral offers, invitation to deal, terms to create a valid acceptance, mailbox rule, consideration, modifications to the requirement of consideration, conditional promises, no consideration, contractual capacity, illegality, innocent misrepresentation of a material fact, statute of frauds, parole evidence rule, unilateral vs. mutual mistake.
B. Performance, Assignments and Remedies – doctrine of substantial performance, accord, satisfaction, option, duty to perform, third party beneficiaries, nonperformance of contracts, assignment of rights to third parties, delegation of duties, remedies available to breech of contract, compensatory damages in a service contract, legal recourse available to buyer upon breech by seller, legal recourse available to seller upon breech by buyer, discharge of contract, affect of fraud on contracts.
C. Agency – requirements for written agency agreement, different types of principals, different types of agents, types of agent authority, responsibilities of agent to principal, responsibilities of principal to agent, principal’s liabilities to third parties, agent’s liabilities to third parties, requirements to prove ratification, liabilities in relation to torts, del credere agent, employees vs. independent contractors, means of establishing an agency, authorization vs. ratification liability, agency termination by operation of law, agency termination by party to agency agreement, agency coupled with an interest, general vs. special agent. |
