Using a solution of Maxwell's equations in the three-dimensional frequency domain, femtosecond two-dimensional Fourier transform (2DFT) spectra that include distortions due to phase matching, absorption, dispersion, and noncollinear excitation and detection of the signal are calculated for Bloch, Kubo, and Brownian oscillator relaxation models. For sample solutions longer than a wavelength, the resonant propagation distortions are larger than resonant local field distortions by a factor of approximately L/lambda, where L is the sample thickness and lambda is the optical wavelength. For the square boxcars geometry, the phase-matching distortion is usually least important, and depends on the dimensionless parameter, L sin(2)(beta)Deltaomega/(nc), where beta is the half angle between beams, n is the refractive index, c is the speed of light, and Deltaomega is the width of the spectrum. Directional filtering distortions depend on the dimensionless parameter, [(Deltaomega)w(0) sin(beta)/c](2), where w(0) is the beam waist at the focus. Qualitatively, the directional filter discriminates against off diagonal amplitude. Resonant absorption and dispersion can distort 2D spectra by 10% (20%) at a peak optical density of 0.1 (0.2). Complicated distortions of the 2DFT peak shape due to absorption and dispersion can be corrected to within 10% (15%) by simple operations that require knowledge only of the linear optical properties of the sample and the distorted two-dimensional spectrum measured at a peak optical density of up to 0.5 (1).