AIC 301 Glossary & Concepts Exam With 100% Correct And Verified Answers
6 views 0 purchase
Course
AIC 301
Institution
AIC 301
AIC 301 Glossary & Concepts Exam With 100% Correct And Verified Answers
Contract
a legally enforceable agreement between two or more parties
Promisor
The party/person making the promise
Promisee
The party/person to whom a promise is made.
Privity of Contract
The relationship tha...
Bilateral Contract
A contract in which each party promises a
performance. The most common type of
contract.
Unilateral Contract
A contract in which one party makes a
promise or undertakes the requested
performance.
Vendarsol
,Example: Insurance will pay if an accident
occurs (if premiums are paid). The insured
does not have to take advantage of this offer
but if they chose to pay the premium that
constitutes acting on the contract.
Executed Contract
A contract that has been completely
performed by both parties. It requires
nothing more.
Executory Contract
A contract that has not yet been fully executed. Example: Fire
Insurance: the insurers promise to provide coverage is
conditional on the occurrence of a fire.
Express Contract
The terms are clearly stated.
Implied Contract
Not an actual contract (quasi contract). The terms and conditions
are indicated by the actions of the parties to the contract and
surrounding circumstance.
There are 2 types -implied in fact & implied in law
Implied in Fact Contract
Vendarsol
, It is not expressed but the parties presumably intended, either by
tacit understanding or by the assumption that it existed.
Example: A landscaper works every Wednesday and gets paid the
same amount each Thursday for months. This is an implied in fact
contract.
Implied in Law Contract
Not an actual contract. This could be an obligation that does not
arise from the parties' apparent intentions but from the court's
notion of justice and equity in cases.
Example: Someone's car breaks down in a parking lot and a
mechanic happens to be there. He spends hours fixing the car for
the person and later sends a bill for his service.
Voidable Contract
A contract that one of the parties can reject (avoid) based on
circumstance surrounding its execution.
Void Contract
An agreement that despite the parties intention never reaches
contract status and is therefore not legally enforceable or binding.
What are the elements of a legally binding contract?
1. Agreement
2. Capacity
3. Mutal Assent
4. Consideration
Vendarsol
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.49. You're not tied to anything after your purchase.
