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AIC 301 - All The Terms And Definitions 2024/2025 With complete solutions latest update
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AIC 301 - All The Terms And Definitions 2024/2025 With complete solutions latest update
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Chem 219Passed!!
2024/2025
AIC 301 - All The Terms And
Definitions
What is a contract? Answer: A legally enforceable agreement between two or
more parties.
Who is the promisor? Answer: The party to a contract making a promise.
Who is the promisee? Answer: The party to a contract to whom a promise is
made.
What is privity of contract? Answer: The relationship that exists between the
parties to a contract.
Who is a 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.
What is a breach of contract? Answer: The failure, without legal excuse, to
fulfill a contractual promise.
Who is the offeror? Answer: The party to a contract who promises to give
something in return for a promise or an act by another party.
Who is the offeree? Answer: The party to a contract who makes a promise or
acts in return for something offered by another party.
, Chem 219
Passed!!
2024/2025
What is the Uniform Commercial Code? Answer: A code of laws that govern
commercial transactions in the United States.
What is a bilateral contract? Answer: A contract in which each party promises
a performance.
What is a unilateral contract? Answer: A contract in which only one party
makes a promise or undertakes the requested performance.
What is an executed contract? Answer: A contract that has been completely
performed by both parties.
What is an executory contract? Answer: A contract that has not been
completely performed by one or both of the parties.
What is an express contract? Answer: A contract whose terms and intentions
are explicitly stated.
What is the definition of Uniform Commercial Code? Answer: A model code
that provides a consistent legal basis for business transactions.
What is the definition of Parol evidence rule? Answer: A provision that
prevents contract modification by oral agreements.
What is the definition of Statute of frauds? Answer: A law requiring certain
contracts to be in writing.
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