The PARCS (Primary Atomic Reference Clock in Space) experiment will use a laser-cooled Cesium atomic clock operating in the microgravity environment aboard the International Space Station (ISS) to provide both advanced tests of gravitational theory and to demonstrate a new cold-atom clock technology for space. PARCS is a joint project of the National Institute of Standards and Technology (NIST), NASA's Jet Propulsion Laboratory (JPL), and the University of Colorado (CU). This paper concentrates on the scientific goals of the PARCS mission. The microgravity space environment allows laser-cooled Cs atoms to have Ramsey times in excess of those feasible on Earth, resulting in improved clock performance. Clock stabilities of 5x10(exp -14) at one second, and accuracies better than 10(exp -16) are projected.