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AIC 301 Study Guide 2024/2025 With complete solutions latest update
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AIC 301 Study Guide 2024/2025 With complete solutions latest update
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Chem 219Passed!!
2024/2025
AIC 301 Study Guide
contract Answer: a legally enforceable agreement between 2 or more parties
agreements Answer: not all __________________ are legally binding
contracts
1) agreement
2) capacity
3) mutual assent
4) consideration
5) legal purpose
6) form required by law Answer: 6 elements of a legally binding contract
promisor Answer: party making a promise
promisee Answer: party to whom a promise is made
privity of contract Answer: the relationship that exists between 2 parties to a
contract
privity Answer: a party cannot sue for breach of contract without being in
______________ of contract with the other party
,Chem 219
Passed!!
2024/2025
third-party beneficiary Answer: 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
breach of contract Answer: the failure without legal excuse, to fulfill a
contractual promise
agreement Answer: must include an offer and its acceptance
offeror Answer: party making the offer
offeree Answer: party who makes a promise or acts in return for something
offered by another party
definite Answer: offers must include _____________ terms and be
communicated to and received by the offeree
counteroffer Answer: if the offeree requests changes to conditions of the
offer
mentally competent Answer: all parties must be ______________
_________________ for a contract to be legally binding
mutual assent Answer: the act of 2 or more parties deliberately negotiating
all terms to achieve consensus
,Chem 219
Passed!!
2024/2025
consideration Answer: something of value that is given in return for a
promise
legal purpose Answer: a contract must serve a legal purpose to be legally
enforceable
form required by law Answer: contracts must be in a proper, legally
stipulated form to be binding
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 Answer: 4 examples of contracts that have
to be in writing
bilateral contract Answer: a contract where each party promises to perform
an act in exchange for an act by the other party
unilateral contract Answer: a contract where one party promises to pay for
the act of the other party
executed contract Answer: contract where nothing more is required of either
party to be fulfilled
executory contract Answer: a contract that hasn't been fully executed
, Chem 219
Passed!!
2024/2025
express contract Answer: contract where terms and intentions are clearly
stated
implied contract Answer: contract where terms and intentions are indicated
by the actions of the parties to the contract and the surrounding circumstances
implied-in-fact contracts Answer: parties presumably intended, either by tacit
understanding or by the assumption that it already existed
implied-in-law contracts Answer: 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
implied-in-law contracts Answer: sometimes called "quasi-contracts"
voidable contract Answer: a contract that one of the parties can reject (avoid)
based on some circumstances regarding its execution
behavior Answer: the _______________ of one of the contracting parties can
make a contract voidable
void contract Answer: an agreement that despite that parties' intentions,
never reaches contract status and is therefore not legally enforceable or binding
void contact Answer: ex. agreement to commit a crime (what type of
contract?)
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