Chords from our western tonal system are primarily found as tertiary (stacks of 3rds) built from the Major and corresponding minor scales...Their behavior can be understood through what are called primary and secondary functions.
Yes An understanding of chord type and quality is of absolute necessity
Chord---Contentsthereof---------------------------------Notes
I---------Root, Major, Perfect 5, Major 7------------If you see a I, but as a Dominant 7th...it tonicises IV
ii---------Root, minor 3, Perfect 5, minor 7------------If you see a ii, but as a Major, or Dominant 7th...it tonicises V
iii--------Root, minor 3, Perfect 5, minor 7------------If you see a III, but as Dominant 7th...it tonicises vi
IV-------Root, Major 3, Perfect 5, Major 7---------If you see a IV, but as a Dominant 7th...it tonicises a flat vii
V--------Root, Major 3, Perfect 5, minor 7
vi--------Root, minor 3, Perfect 5, minor 7----------If you see a vi, but as a Major, or Dominant 7th...it tonicises ii
vii*-----Root, minor 3, Dim 5, Dim 7-------Can be used to tonicise any key center thats a minor 2nd above either the root, the minor 3, the dim 5, or the dim 7.
Primary funtions deal with how the chords behave within on key center:
Tonic Function Chords
I
vi
Dominant Prep
ii
IV
vi
Dominant
V
Vii*
So the basic formula that drives chord progressions in Western Music is Tonic->X->Dominant->tonic, where X is the thematic meat of the progression...
Secondary functions involve a process known as tonicization: Whereby the Chord tonicized is brought into focus in our ears as our new tonic chord; this is accomplished through the use of either of the Dominant Chords from that closely related key
Closely related keys are keys that are within +/- one accidental from one another
Most commonly found in at least as far as things go in world of classical music is the tonicization of the key of V...This is most common in what is known as the Developmental Section of Sonata Allegro Form.
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