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AIC 301 Study Guide Exam With Correct Questions And Answers 2024
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AIC 301 Study Guide Exam With Correct Questions And Answers 2024 a dlegally denforceable dagreement dbetween d2 dor dmore dparties d- dcorrect danswer.contract not dall d__________________ dare dlegally dbinding dcontracts d- dcorrect danswer.agreements 6 delements dof da dlegally dbinding dcontract d- dcorrect danswer.1) dagreement 2) dcapacity 3) dmutual dassent 4) dconsideration 5) dlegal dpurpose 6) dform drequired dby dlaw party dmaking da dpromise d- dcorrect danswer.promisor party dto dwhom da dpromise dis dmade d- dcorrect danswer.promisee the drelationship dthat dexists dbetween d2 dparties dto da dcontract d- dcorrect danswer.privity dof dcontract a dparty dcannot dsue dfor dbreach dof dcontract dwithout dbeing din d______________ dof dcontract dwith dthe dother dparty d- dcorrect danswer.privity a dperson dwho dis dnot da dparty dto da dcontract dbut dwho dbenefits dfrom dit dand dhas da dlegal dright dto denforce dthe dcontract dif dit dis dbreached dby deither dof dthe dcontracting dparties d- dcorrect danswer.third -party dbeneficiary the dfailure dwithout dlegal dexcuse, dto dfulfill da dcontractual dpromise d- dcorrect danswer.breach dof dcontract must dinclude dan doffer dand dits daccepta nce d- dcorrect danswer.agreement party dmaking dthe doffer d- dcorrect danswer.offeror party dwho dmakes da dpromise dor dacts din dreturn dfor dsomething doffered dby danother dparty d- dcorrect danswer.offeree offers dmust dinclude d_____________ dterms dand dbe dcommunicated dto dand dreceived dby dthe dofferee d- dcorrect danswer.definite if dthe dofferee drequests dchanges dto dconditions dof dthe doffer d- dcorrect danswer.counteroffer all dparties dmust dbe d______________ d_____________ ____ dfor da dcontract dto dbe dlegally dbinding d- dcorrect danswer.mentally dcompetent the dact dof d2 dor dmore dparties ddeliberately dnegotiating dall dterms dto dachieve dconsensus d- dcorrect danswer.mutual dassent something dof dvalue dthat dis dgiven din dreturn dfor da dpromise d- dcorrect danswer.consideration a dcontract dmust dserve da dlegal dpurpose dto dbe dlegally denforceable d- dcorrect danswer.legal dpurpose contracts dmust dbe din da dproper, dlegally dstipulated dform dto dbe dbinding d- dcorrect danswer.form drequired dby dlaw 4 dexamples dof dcontracts dthat dhave dto dbe din dwriting d- dcorrect danswer.1) dsale dof dreal destate 2) dagreements dthat dcan't dbe dperformed dwithin d1 dyear 3) dtransactions d> d$500 4) dagreements dto dpay da ddebt dowed a dcontract dwhere deach dparty dpromises dto dperform dan dact din dexchange dfor dan dact dby dthe dother dparty d- dcorrect danswer.bilateral dcontract a dcontract dwhere done dparty dpromises dto dpay dfor dthe dact dof dthe dother dparty d- dcorrect danswer.unilateral dcontract contract dwhere dnothing dmore dis drequired dof deither dparty dto dbe dfulfilled d- dcorrect danswer. executed dcontract a dcontract dthat dhasn't dbeen dfully dexecuted d- dcorrect danswer.executory dcontract contract dwhere dterms dand dintentions dare dclearly dstated d- dcorrect danswer.express dcontract contract dwhere dterms dand dintentions dare dindicated dby dthe dactions dof dthe dparties dto dthe dcontract dand dthe dsurrounding dcircumstances d- dcorrect danswer.implied dcontract parties dpresumably dintended, deither dby dtacit dunderstanding dor dby dthe dassumption dthat dit dalready dexisted d- dcorrect danswer.implied -in-fact dcontracts an dobligation dthat dis dnot dan dactual dcontract dbut dthat dis dimposed dby dlaw dbecause dof dthe dparties' dconduct dor dsome dspecial drelationship dbetween dthem dor dbecause done dof dthem dwould dotherwise dbe dunjustly denriched d- dcorrect danswer.implied -in-law dcontracts sometimes dcalled d"quasi -contracts" d- dcorrect danswer.implied -in-law dcontracts a dcontract dthat done dof dthe dparties dcan dreject d(avoid) dbased don dsome dcircumstances dregarding dits dexecution d- dcorrect danswer.voida ble dcontract the d_______________ dof done dof dthe dcontracting dparties dcan dmake da dcontract dvoidable d- dcorrect danswer.behavior an dagreement dthat ddespite dthat dparties' dintentions, dnever dreaches dcontract dstatus dand dis dtherefore dnot dlegally denforceable dor dbindin g d- dcorrect danswer.void dcontract ex. dagreement dto dcommit da dcrime d(what dtype dof dcontract?) d- dcorrect danswer.void dcontact 5 dfactors dlacking dfor dmutual dassent d- dcorrect danswer.1) dfraud 2) dmistake 3) dduress 4) dundue dinfluence 5) dinnocent dmisrepresentation an dintentional dmisrepresentation dresulting din dharm dto da dperson dor dan dorganization d- dcorrect danswer.fraud 2 dremedies dthat dcan dbe dsought dif dfraud dis dproven d- dcorrect danswer.1) drescission 2) dsue dfor ddamages a dlegal dact dof dcancelling dsomething dand dmaking dit dvoid d- dcorrect danswer.rescission action dtaken dif drescission dcan't dmake dthe dplaintiff dwhole d- dcorrect danswer.sue dfor ddamages 2 dthings dinsurers dneed dto dprove dto destablish dfraudulent dconcealment d- dcorrect danswer.1) dinsured dknew dthe dfact dconcealed dwas dmaterial 2) dinsured dconcealed dthe dfact dwith dthe dintent dto ddefraud mistakes dcan dbe d______________ dor d_________________ d- dcorrect danswer.unilateral; dbilateral the duse dof drestraint, dviolence, dthreats dof dviolence, dor dwrongful dpressure dto dcompel da dparty dto dact dcontrary dto dtheir dwishes dor dinterests d- dcorrect danswer.duress the dimproper duse dof dpower dor dtrust dto ddeprive da dperson dof dfree dwill dand dsubstitute danother's dobjective, dresulting din dlack dof dgenuine dassent dto da dcontract d- dcorrect danswer.undue dinfluence 2 dexamples dof dundue dinfluence d- dcorrect danswer.1) dgifts d& dwills 2) delderly dpersons dsuffering dfrom dphysical dailments dor ddementia when da dperson dmakes da dfalse dstatement dthat dthey dbelieves dto dbe dtrue d- dcorrect danswer.innocent dmisrepresentation courts ddo dnot daward dmonetary ddamages dfor d_________________ dmisrepresentation d- dcorrect danswer.innocent a dlaw dto dprevent dfraud dand dperjury dby drequiri ng dthat dcertain dcontracts dbe din dwriting dand dcontain dthe dsignature dof dthe dparty dresponsible dfor dperforming dthat dcontract d- dcorrect danswer.statute dof dfrauds a dmodel dcode dthat dhas dbeen dadopted din dwhole dor din dpart dby deach dstate dand dwhose dpurpose dis dto dprovide da dconsistent dlegal dbasis dfor dbusiness dtransactions dthroughout dthe dU.S. dand dits dterritories d- dcorrect danswer.Uniform dCommercial dCode written dcontracts dmust dbe d______________ dby dparties d- dcorrect danswer.signed rule dthat dexists dprimarily dto dprevent doral devidence dfrom da dwitness dfrom dbeing dintroduced dthat dcould dalter dthe dterms dof dthe dcontract d- dcorrect danswer.parol devidence drule applies dto ddeeds, dwills, dleases, dinsurance dpolicies, dreleases, detc. d- dcorrect danswer.parole devidence drule 3 dpurposes dthat dParol dEvidence dRule dserves d- dcorrect danswer.1) dcarry dout dthe dparties' dassumed dintention 2) dachieve dcertainty dand dfinality dto dthe dparties' drights d& dduties 3) dexclude dfraudulent d& dperjured dclaims governed dby dwell daccepted dguidelines dintended dto dresolve ddoubts dand dambiguities din dexisting dcontracts d- dcorrect danswer.contract dinterpretation a dcontract's dlanguage dis dto dbe dread dand dapplied daccording dto dstandard ddefinitions, deven dif dthe dparties dintended da ddifferent dresult d- dcorrect danswer.plain dmeaning one dparty dmust dfulfill dall dterms dof dthe dcontract dto dbe dentitled dto dthe dother dparty's dspecified dact d- dcorrect danswer.entire dcontractThe benefits of buying summaries with Stuvia:
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