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AIC 301 Glossary & Concepts 2024/2025 With complete solutions latest update
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AIC 301 Glossary & Concepts 2024/2025 With complete solutions latest update
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Chem 219Passed!!
2024/2025
AIC 301 Glossary & Concepts
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 that exists between the parties of a contract (promisor and the
promisee)
Third Party Beneficiary
A person/party that will benefit from the contract but is not a party to the
contract.
Offeror
The party making the offer/promise to give something in return for a promise or
an act by another person.
Offeree
The party to a contract who makes a promise or acts in return for something
offered by another party.
Types of Contracts
1. Bilateral & Unilateral Contracts
2. Executed & Executory Contracts
3. Express & Implied Contracts
4. Voidable & Void Contracts
Bilateral Contract
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2024/2025
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.
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
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
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2024/2025
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
5. Legal Purpose
6. In the form by law
What are the similarities and differences between bilateral and unilateral?
With bilateral, each party promises to perform an act for the act of the other
party.
With a Unilateral contract one party promises to pay for an act of the other party.
No act = no payment
Elements that might render a contract unenforceable
-Fraud
-Mistake
-Duress
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