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AIC 301 STUDY GUIDE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AIC 301 STUDY GUIDE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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AIC 301 STUDY GUIDE QUESTIONS ANDANSWERS WITH SOLUTIONS 2024
contractE-EANSWEREaElegallyEenforceableEagreementEbetweenE2EorEmoreEparties
agreementsE-EANSWEREnotEallE__________________EareElegallyEbindingEcontracts
1)Eagreement
2)Ecapacity
3)EmutualEassent
4)Econsideration
5)ElegalEpurpose
6)EformErequiredEbyElawE-EANSWERE6EelementsEofEaElegallyEbindingEcontract
promisorE-EANSWEREpartyEmakingEaEpromise
promiseeE-EANSWEREpartyEtoEwhomEaEpromiseEisEmade
privityEofEcontractE-EANSWEREtheErelationshipEthatEexistsEbetweenE2EpartiesEtoEaEcontract
privityE-
EANSWEREaEpartyEcannotEsueEforEbreachEofEcontractEwithoutEbeingEinE______________EofEcontractEwithEth
eEotherEparty
third-partyEbeneficiaryE-
EANSWEREaEpersonEwhoEisEnotEaEpartyEtoEaEcontractEbutEwhoEbenefitsEfromEitEandEhasEaElegalErightEtoEenfor
ceEtheEcontractEifEitEisEbreachedEbyEeitherEofEtheEcontractingEparties
breachEofEcontractE-EANSWEREtheEfailureEwithoutElegalEexcuse,EtoEfulfillEaEcontractualEpromise
agreementE-EANSWEREmustEincludeEanEofferEandEitsEacceptance
,offerorE-EANSWEREpartyEmakingEtheEoffer
offereeE-EANSWEREpartyEwhoEmakesEaEpromiseEorEactsEinEreturnEforEsomethingEofferedEbyEanotherEparty
definiteE-
EANSWEREoffersEmustEincludeE_____________EtermsEandEbeEcommunicatedEtoEandEreceivedEbyEtheEoffere
e
counterofferE-EANSWEREifEtheEoffereeErequestsEchangesEtoEconditionsEofEtheEoffer
mentallyEcompetentE-
EANSWEREallEpartiesEmustEbeE______________E_________________EforEaEcontractEtoEbeElegallyEbinding
mutualEassentE-
EANSWEREtheEactEofE2EorEmoreEpartiesEdeliberatelyEnegotiatingEallEtermsEtoEachieveEconsensus
considerationE-EANSWEREsomethingEofEvalueEthatEisEgivenEinEreturnEforEaEpromise
legalEpurposeE-EANSWEREaEcontractEmustEserveEaElegalEpurposeEtoEbeElegallyEenforceable
formErequiredEbyElawE-EANSWEREcontractsEmustEbeEinEaEproper,ElegallyEstipulatedEformEtoEbeEbinding
1)EsaleEofErealEestate
2)EagreementsEthatEcan'tEbeEperformedEwithinE1Eyear
3)EtransactionsE>E$500
4)EagreementsEtoEpayEaEdebtEowedE-EANSWERE4EexamplesEofEcontractsEthatEhaveEtoEbeEinEwriting
bilateralEcontractE-
EANSWEREaEcontractEwhereEeachEpartyEpromisesEtoEperformEanEactEinEexchangeEforEanEactEbyEtheEotherEpar
ty
,unilateralEcontractE-EANSWEREaEcontractEwhereEoneEpartyEpromisesEtoEpayEforEtheEactEofEtheEotherEparty
executedEcontractE-EANSWEREcontractEwhereEnothingEmoreEisErequiredEofEeitherEpartyEtoEbeEfulfilled
executoryEcontractE-EANSWEREaEcontractEthatEhasn'tEbeenEfullyEexecuted
expressEcontractE-EANSWEREcontractEwhereEtermsEandEintentionsEareEclearlyEstated
impliedEcontractE-
EANSWEREcontractEwhereEtermsEandEintentionsEareEindicatedEbyEtheEactionsEofEtheEpartiesEtoEtheEcontractE
andEtheEsurroundingEcircumstances
implied-in-factEcontractsE-
EANSWEREpartiesEpresumablyEintended,EeitherEbyEtacitEunderstandingEorEbyEtheEassumptionEthatEitEalread
yEexisted
implied-in-lawEcontractsE-
EANSWEREanEobligationEthatEisEnotEanEactualEcontractEbutEthatEisEimposedEbyElawEbecauseEofEtheEparties'Ec
onductEorEsomeEspecialErelationshipEbetweenEthemEorEbecauseEoneEofEthemEwouldEotherwiseEbeEunjustlyE
enriched
implied-in-lawEcontractsE-EANSWEREsometimesEcalledE"quasi-contracts"
voidableEcontractE-
EANSWEREaEcontractEthatEoneEofEtheEpartiesEcanErejectE(avoid)EbasedEonEsomeEcircumstancesEregardingEitsE
execution
behaviorE-EANSWEREtheE_______________EofEoneEofEtheEcontractingEpartiesEcanEmakeEaEcontractEvoidable
voidEcontractE-
EANSWEREanEagreementEthatEdespiteEthatEparties'Eintentions,EneverEreachesEcontractEstatusEandEisEtherefo
reEnotElegallyEenforceableEorEbinding
, voidEcontactE-EANSWEREex.EagreementEtoEcommitEaEcrimeE(whatEtypeEofEcontract?)
1)Efraud
2)Emistake
3)Eduress
4)EundueEinfluence
5)EinnocentEmisrepresentationE-EANSWERE5EfactorsElackingEforEmutualEassent
fraudE-EANSWEREanEintentionalEmisrepresentationEresultingEinEharmEtoEaEpersonEorEanEorganization
1)Erescission
2)EsueEforEdamagesE-EANSWERE2EremediesEthatEcanEbeEsoughtEifEfraudEisEproven
rescissionE-EANSWEREaElegalEactEofEcancellingEsomethingEandEmakingEitEvoid
sueEforEdamagesE-EANSWEREactionEtakenEifErescissionEcan'tEmakeEtheEplaintiffEwhole
1)EinsuredEknewEtheEfactEconcealedEwasEmaterial
2)EinsuredEconcealedEtheEfactEwithEtheEintentEtoEdefraudE-
EANSWERE2EthingsEinsurersEneedEtoEproveEtoEestablishEfraudulentEconcealment
unilateral;EbilateralE-EANSWEREmistakesEcanEbeE______________EorE_________________
duressE-
EANSWEREtheEuseEofErestraint,Eviolence,EthreatsEofEviolence,EorEwrongfulEpressureEtoEcompelEaEpartyEtoEact
EcontraryEtoEtheirEwishesEorEinterests
undueEinfluenceE-
EANSWEREtheEimproperEuseEofEpowerEorEtrustEtoEdepriveEaEpersonEofEfreeEwillEandEsubstituteEanother'sEobj
ective,EresultingEinElackEofEgenuineEassentEtoEaEcontract
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