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AIC 301 2024/2025 With complete solutions latest update
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AIC 301 2024/2025 With complete solutions latest update
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Chem 219Passed!!
2024/2025
AIC 301
Contract
A legally enforceable agreement between two or more parties.
Promisor
The party to a contract making a promise.
Promisee
The party to a contract to whom a promise is made.
Privity of contract
The relationship that exists between the parties to a contract.
Third-party beneficiary
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.
Breach of contract
The failure, without legal excuse, to fulfill a contractual promise.
Offeror
The party to a contract who promises to give something in return for a promise or
an act by another party.
Offeree
The party to a contract who makes a promise or acts in return for something
offered by another party.
Uniform Commercial Code
A code of federal laws that govern commercial transactions in the United States.
Bilateral contract
A contract in which each party promises a performance.
,Chem 219
Passed!!
2024/2025
Unilateral contract
A contract in which only one party makes a promise or undertakes the requested
performance.
Executed contract
A contract that has been completely performed by both parties.
Executory contract
A contract that has not been completely performed by one or both of the parties.
Express contract
A contract whose terms and intentions are explicitly stated.
Implied contract
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
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
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
A contract that one of the parties can reject (avoid) based on some circumstance
surrounding its execution.
Void contract
An agreement that, despite the parties' intentions, never reaches contract status
and is therefore not legally enforceable or binding.
Mutual assent
, Chem 219
Passed!!
2024/2025
The act of two or more parties coming together to agree to the terms of a
contract.
Fraud
An intentional misrepresentation resulting in harm to a person or an organization.
Representation
A statement of alleged fact.
Material fact
A fact that is significant to a decision or matter at hand.
Rescission
A legal act of canceling something (like a contract) and making it void.
Unilateral mistake
A perception by one party to a contract that does not agree with the facts.
Bilateral mistake
A perception by both parties to a contract that does not agree with the facts.
Duress
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.
Undue influence
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.
Uniform Commercial Code (UCC)
A model code that has been adopted in whole or in part by each state and whose
purpose is to provide a consistent legal basis for business transactions throughout
the United States and its territories.
Parol evidence rule
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