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AIC 301 Glossary & Concepts Exam With 100% Correct And Verified Answers
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AIC 301 Glossary & Concepts Exam With 100% Correct And Verified Answers Contract a legally enforceable agreement between two or more parties Promisor The party/person making the promise Promisee The party/person to whom a promise is made. Privity of Contract The relationship tha...

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  • October 4, 2024
  • 42
  • 2024/2025
  • Exam (elaborations)
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  • aic 301 glossary concepts exam with 100 correct

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AIC 301 Glossary & Concepts Exam With
100% Correct And Verified Answers
Contract
a legally enforceable agreement between two
or more parties


Promisor
The party/person making the promise


Promisee
The party/person to whom a promise is made.


Privity of Contract
The relationship that exists between the
parties of a contract (promisor and the
promisee)


Third Party Beneficiary
A person/party that will benefit from the
contract but is not a party to the contract.


Offeror



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,The party making the offer/promise to give
something in return for a promise or an act
by another person.


Offeree
The party to a contract who makes a promise
or acts in return for something offered by
another party.


Types of Contracts
1. Bilateral & Unilateral Contracts
2. Executed & Executory Contracts
3. Express & Implied Contracts
4. Voidable & Void Contracts


Bilateral Contract
A contract in which each party promises a
performance. The most common type of
contract.


Unilateral Contract
A contract in which one party makes a
promise or undertakes the requested
performance.




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,Example: Insurance will pay if an accident
occurs (if premiums are paid). The insured
does not have to take advantage of this offer
but if they chose to pay the premium that
constitutes acting on the contract.


Executed Contract
A contract that has been completely
performed by both parties. It requires
nothing more.


Executory Contract
A contract that has not yet been fully executed. Example: Fire
Insurance: the insurers promise to provide coverage is
conditional on the occurrence of a fire.


Express Contract
The terms are clearly stated.


Implied Contract
Not an actual contract (quasi contract). The terms and conditions
are indicated by the actions of the parties to the contract and
surrounding circumstance.

There are 2 types -implied in fact & implied in law


Implied in Fact Contract

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, It is not expressed but the parties presumably intended, either by
tacit understanding or by the assumption that it existed.

Example: A landscaper works every Wednesday and gets paid the
same amount each Thursday for months. This is an implied in fact
contract.


Implied in Law Contract
Not an actual contract. This could be an obligation that does not
arise from the parties' apparent intentions but from the court's
notion of justice and equity in cases.

Example: Someone's car breaks down in a parking lot and a
mechanic happens to be there. He spends hours fixing the car for
the person and later sends a bill for his service.


Voidable Contract
A contract that one of the parties can reject (avoid) based on
circumstance surrounding its execution.


Void Contract
An agreement that despite the parties intention never reaches
contract status and is therefore not legally enforceable or binding.


What are the elements of a legally binding contract?
1. Agreement
2. Capacity
3. Mutal Assent
4. Consideration

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