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AIC 301 Study Guide questions with answers
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AIC 301 Study Guide questions with answers
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AIC 301 Study Guide questions withanswers
a |legally |enforceable |agreement |between |2 |or |more |parties |- |correct
|answers✔✔contract
not |all |__________________ |are |legally |binding |contracts |- |correct
|answers✔✔agreements
6 |elements |of |a |legally |binding |contract |- |correct |answers✔✔1) |agreement
2) |capacity
3) |mutual |assent
4) |consideration
5) |legal |purpose
6) |form |required |by |law
party |making |a |promise |- |correct |answers✔✔promisor
party |to |whom |a |promise |is |made |- |correct |answers✔✔promisee
the |relationship |that |exists |between |2 |parties |to |a |contract |- |correct
|answers✔✔privity |of |contract
a |party |cannot |sue |for |breach |of |contract |without |being |in |______________ |of |contract
|with |the |other |party |- |correct |answers✔✔privity
a |person |who |is |not |a |party |to |a |contract |but |who |benefits |from |it |and |has |a |legal
|right |to |enforce |the |contract |if |it |is |breached |by |either |of |the |contracting |parties |-
|correct |answers✔✔third-party |beneficiary
,the |failure |without |legal |excuse, |to |fulfill |a |contractual |promise |- |correct
|answers✔✔breach |of |contract
must |include |an |offer |and |its |acceptance |- |correct |answers✔✔agreement
party |making |the |offer |- |correct |answers✔✔offeror
party |who |makes |a |promise |or |acts |in |return |for |something |offered |by |another |party
|- |correct |answers✔✔offeree
offers |must |include |_____________ |terms |and |be |communicated |to |and |received |by
|the |offeree |- |correct |answers✔✔definite
if |the |offeree |requests |changes |to |conditions |of |the |offer |- |correct
|answers✔✔counteroffer
all |parties |must |be |______________ |_________________ |for |a |contract |to |be |legally
|binding |- |correct |answers✔✔mentally |competent
the |act |of |2 |or |more |parties |deliberately |negotiating |all |terms |to |achieve |consensus |-
|correct |answers✔✔mutual |assent
something |of |value |that |is |given |in |return |for |a |promise |- |correct
|answers✔✔consideration
a |contract |must |serve |a |legal |purpose |to |be |legally |enforceable |- |correct
|answers✔✔legal |purpose
contracts |must |be |in |a |proper, |legally |stipulated |form |to |be |binding |- |correct
|answers✔✔form |required |by |law
,4 |examples |of |contracts |that |have |to |be |in |writing |- |correct |answers✔✔1) |sale |of
|real |estate
2) |agreements |that |can't |be |performed |within |1 |year
3) |transactions |> |$500
4) |agreements |to |pay |a |debt |owed
a |contract |where |each |party |promises |to |perform |an |act |in |exchange |for |an |act |by
|the |other |party |- |correct |answers✔✔bilateral |contract
a |contract |where |one |party |promises |to |pay |for |the |act |of |the |other |party |- |correct
|answers✔✔unilateral |contract
contract |where |nothing |more |is |required |of |either |party |to |be |fulfilled |- |correct
|answers✔✔executed |contract
a |contract |that |hasn't |been |fully |executed |- |correct |answers✔✔executory |contract
contract |where |terms |and |intentions |are |clearly |stated |- |correct |answers✔✔express
|contract
contract |where |terms |and |intentions |are |indicated |by |the |actions |of |the |parties |to
|the |contract |and |the |surrounding |circumstances |- |correct |answers✔✔implied
|contract
parties |presumably |intended, |either |by |tacit |understanding |or |by |the |assumption
|that |it |already |existed |- |correct |answers✔✔implied-in-fact |contracts
an |obligation |that |is |not |an |actual |contract |but |that |is |imposed |by |law |because |of
|the |parties' |conduct |or |some |special |relationship |between |them |or |because |one |of
|them |would |otherwise |be |unjustly |enriched |- |correct |answers✔✔implied-in-law
|contracts
sometimes |called |"quasi-contracts" |- |correct |answers✔✔implied-in-law |contracts
, a |contract |that |one |of |the |parties |can |reject |(avoid) |based |on |some |circumstances
|regarding |its |execution |- |correct |answers✔✔voidable |contract
the |_______________ |of |one |of |the |contracting |parties |can |make |a |contract |voidable |-
|correct |answers✔✔behavior
an |agreement |that |despite |that |parties' |intentions, |never |reaches |contract |status
|and |is |therefore |not |legally |enforceable |or |binding |- |correct |answers✔✔void |contract
ex. |agreement |to |commit |a |crime |(what |type |of |contract?) |- |correct |answers✔✔void
|contact
5 |factors |lacking |for |mutual |assent |- |correct |answers✔✔1) |fraud
2) |mistake
3) |duress
4) |undue |influence
5) |innocent |misrepresentation
an |intentional |misrepresentation |resulting |in |harm |to |a |person |or |an |organization |-
|correct |answers✔✔fraud
2 |remedies |that |can |be |sought |if |fraud |is |proven |- |correct |answers✔✔1) |rescission
2) |sue |for |damages
a |legal |act |of |cancelling |something |and |making |it |void |- |correct
|answers✔✔rescission
action |taken |if |rescission |can't |make |the |plaintiff |whole |- |correct |answers✔✔sue |for
|damages
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