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AIC 301 EXAM QUESTIONS AND ANSWERS.
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AIC 301 EXAM QUESTIONS AND ANSWERS.
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AIC 301 EXAM QUESTIONS AND ANSWERS1. Contract: A legally enforceable agreement between two or more parties.
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2. Promisor: The party to a contract making a promise. hi hi hi hi hi hi hi hi
3. Promisee: The party to a contract to whom a promise is made. hi hi hi hi hi hi hi hi hi hi hi
4. Privity of contract: The relationship that exists between the parties to a contract
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5. Third-party beneficiary: A person who is not a party to a contract but who hi hi hi hi hi hi hi hi hi hi hi hi hi
benefits from it and has a legal right to enforce the contract if it is breached by
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eitherof the contracting parties.
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6. Breach of contract: The failure, without legal excuse, to fulfill a
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contractualpromise.
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7. Offeror: The party to a contract who promises to give something in return
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for apromise or an act by another party.
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8. Offeree: The party to a contract who makes a promise or acts in return
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forsomething offered by another party.
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9. Uniform Commercial Code: A code of federal laws that govern
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commercialtransactions in the United States.
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10. Bilateral contract: A contract in which each party promises a performance.
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11. Unilateral contract: A contract in which only one party makes a promise hi hi hi hi hi hi hi hi hi hi hi
orundertakes the requested performance.
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12. Executed contract: A contract that has been completely performed by hi hi hi hi hi hi hi hi hi
bothparties.
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13. Executory contract: A contract that has not been completely performed by hi hi hi hi hi hi hi hi hi hi
oneor both of the parties.
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14. Express contract: A contract whose terms and intentions are explicitly
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stated.
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15. Implied contract: A contract whose terms and intentions are indicated by
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theactions of the parties to the contract and the surrounding
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circumstances.
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16. Implied-in-fact contract: A contract that is not express but that the hi hi hi hi hi hi hi hi hi hi
parties presumably intended, either by tacit understanding or by the
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assumption that itexisted.
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17. Implied-in-law contract: An obligation that is not an actual contract but hi hi hi hi hi hi hi hi hi hi
thatis imposed by law because of the parties' conduct or some special
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relationship between them or because one of them would otherwise be
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,unjustly enriched.
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18. Voidable contract: A contract that one of the parties can reject (avoid)
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basedon some circumstance surrounding its execution.
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19. Void contract: An agreement that, despite the parties' intentions, never
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reachescontract status and is therefore not legally enforceable or binding.
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20. Mutual assent: The act of two or more parties coming together to agree to
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theterms of a contract.
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21. Fraud: An intentional misrepresentation resulting in harm to a person
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or anorganization.
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, 22. Representation: A statement of alleged fact. hi hi hi hi hi
23. Material fact: A fact that is significant to a decision or matter at hand. hi hi hi hi hi hi hi hi hi hi hi hi hi
24. Rescission: A legal act of canceling something (like a contract) and hi hi hi hi hi hi hi hi hi hi
making itvoid.
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25. Unilateral mistake: A perception by one party to a contract that does not hi hi hi hi hi hi hi hi hi hi hi hi
agreewith the facts.
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26. Bilateral mistake: Aperception by both parties to a contract that does not hi hi hi hi hi hi hi hi hi hi hi hi
agreewith the facts.
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27. Duress: The use of restraint, violence, threats of violence, or wrongful hi hi hi hi hi hi hi hi hi hi
pressureto compel a party to act contrary to his or her wishes or interests.
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28. Undue influence: The improper use of power or trust to deprive a person
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of free will and substitute another's objective, resulting in lack of genuine
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assent to acontract.
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29. Uniform Commercial Code (UCC): A model code that has been adopted hi hi hi hi hi hi hi hi hi hi
in whole or in part by each state and whose purpose is to provide a
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consistent legalbasis for business transactions throughout the United
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States and its territories.
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30. Parol evidence rule: A provision that prevents the terms of a contract from
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beingmodified by evidence of oral or other agreements after the contract has been
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written.
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31. Statute of frauds: A law to prevent fraud and perjury by requiring thathi hi hi hi hi hi hi hi hi hi hi hi
certaincontracts be in writing and contain the signature of the party
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responsible for per- forming that contract.
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32. Real property (realty): Tangible property consisting of land, all structures
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per-manently attached to the land, and whatever is growing on the land.
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33. Assignment: The transfer of rights or property. hi hi hi hi hi hi
34. Assignor: The party to a contract who makes an assignment. hi hi hi hi hi hi hi hi hi
35. Assignee: The individual or entity to whom property, rights, or interests hi hi hi hi hi hi hi hi hi hi
havebeen transferred.
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36. Third-party beneficiary contract: A contract between two parties that hi hi hi hi hi hi hi hi
benefitsa third party.
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37. Creditor beneficiary: A third-party beneficiary owed a debt that is to be hi hi hi hi hi hi hi hi hi hi hi
satisfiedby performance of a contract.
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38. Donee beneficiary: A third-party beneficiary who receives the benefit of a
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contract's performance as a gift from the promisee, with the intent of the
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contractingparties.
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39. Incidental beneficiary: A third-party beneficiary who has no contractual hi hi hi hi hi hi hi hi
rightsbut benefits from a contract even though that is not the intent of the
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parties to the contract.
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40. Discharge: The act of ending a contract, agreement, or obligation. hi hi hi hi hi hi hi hi hi
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