A problem of frictional contact between an elastic beam and a moving foundation and the resulting wear of the beam is considered. The process is assumed to be quasistatic, the contact is modeled with normal compliance, and the wear is described by the Archard law. Existence and uniqueness of the weak solution for the problem is proved using the theory of strongly monotone operators and the Cauchy-Lipschitz theorem. It is also shown that growth of the the wear function is at most linear. Finally, a numerical approach to the problem is considered using a time semi-discrete scheme. The existence of the unique solution for the discretized scheme is established and error estimates on the approximate solutions are derived.