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AIC 301 Exam Questions and Answers - Expanding Your Claims Perspective
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AIC 301 Exam Questions and Answers - Expanding Your Claims Perspective
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AIC 301 - Expanding Your Claims PerspectiveBilateral Contract - Answer -A type of contract that arises when a promise is given in exchange for a return promise.
Unilateral Contract - Answer -A contract in which only one party makes a promise or undertakes the requested performance.
Promisor - Answer -The party to a contract making a promise
Promisee - Answer -The party to a contract to whom a promise is made.
Privity of contract - Answer -The relationship that exists between the parties to a contract.
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.
Uniform Commercial Code - Answer -A code of federal laws that govern commercial transactions in the United States.
Express contract - Answer -A contract whose terms and intentions are explicitly stated.
Implied contract - Answer -A contract whose terms and intentions are indicated by the actions of the parties to the contract and the surrounding circumstances. Implied-in-fact contract - Answer -A contract that is not express but that the parties presumably intended, either by tacit understanding or by the assumption that it existed.
Implied-in-law contract - 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.
Voidable contract - Answer -A contract that one of the parties can reject (avoid) based on some circumstance surrounding its execution.
Void contract - Answer -An agreement that, despite the parties' intentions, never reaches contract status and is therefore not legally enforceable or binding.
Statute of frauds - Answer -A law to prevent fraud and perjury by requiring that certain contracts be in writing and contain the signature of the party responsible for performing that contract.
Undue influence - Answer -The improper use of power or trust to deprive a person of free will and substitute another's objective, resulting in lack of genuine assent to a contract.
Duress - Answer -The use of restraint, violence, threats of violence, or wrongful pressure to compel a party to act contrary to his or her wishes or interests.
Condition precedent - Answer -An event that must occur before a duty of performance arises in a contract.
Condition subsequent - Answer -An event that, if it occurs, discharges a duty of performance in a contract.
Condition concurrent - Answer -An event that must occur at the same time as another condition in a contract.
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