Aceable Agent Contracts Study Guide Exam With Updated Answers 2024.

Contract -Answer A legally binding and enforceable agreement to do or not to do a specific thing Performance Agreement -Answer Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises Forbearance Agreement -Answer Part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform Bilateral Contract -Answer An agreement in which both parties give consideration and promise to perform the actions specified in a contract Unilateral Contract -Answer An agreement in which one party promises to perform and the other party accepts this promise, requiring only one party to act Executed Contract -Answer A contract in which all terms have been fulfilled by all parties Executory Contract -Answer A contract that is not completely executed or performed Addenda -Answer Documents containing additional terms, information, or obligations that are attached to a contract Four Corners Doctrine -Answer A legal concept stating that the court can only consider information that appears within the four corners of the documents Amendment -Answer Changes or makes modifications to an already agreed upon contract