CCCM EXAM ALL ANSWERS CORRECT
1. CCCM: - Certified Commercial Contracts Manager. ️
2. Bilateral Contract: - A contract involving two parties where mutual promises are exchanged; typically a purchase contract.
️
3. Unilateral Contract: - A contract where one party makes a promise, and th...
- A contract involving two parties where mutual promises are exchanged; typically a purchase contract.
✔️
3. Unilateral Contract:
- A contract where one party makes a promise, and the second party's performance fulfills that
promise. ✔️
- Binding Condition: Becomes binding when the second party performs. ✔️
4. Express Contract:
- A contract that is oral or written, manifested through specific words. ✔️
5. Implied Contract:
- A contract that is inferred from conduct alone, without explicit written or spoken terms. ✔️
6. Aleatory Contract:
- A contract where performance by one party is contingent upon the occurrence of an uncertain future
event. ✔️
- Example: An insurance contract. ✔️
7. Implied-in-Law Contract (Quasi Contract):
- A contractual obligation imposed by law to prevent unjust enrichment, even if no actual contract
exists. ✔️
8. Adhesion Contract:
, - A contract that is highly restrictive on one side, often resulting in terms that are not negotiated. A
court may not enforce it if it's not truly voluntary or is possibly coerced. ✔️
9. Divisible Contract:
- A severable contract that contains two or more distinct components which can be separately
performed. ✔️
10. Severable Contract:
- Another term for a divisible contract. ✔️
11. Installment Contract:
- A contract where obligations are performed in increments over a defined time period. ✔️
- Under the UCC, separate shipments must be separately accepted in this type of contract. ✔️
- The UCC views each delivery as an independent contract in an installment contract. ✔️
12. Tangible Goods:
- Items classified as chattels, merchandise, personal property, or commodities that are legal and
offered for sale. ✔️
- Components: Must be legal and offered for sale. ✔️
13. Moveable Personal Property vs. Commodities:
- Moveable Personal Property: Referred to as chattels.
- Commodities: These can be chattels but may also refer to items like gold or livestock that possess a
valuable interest in commercial markets. ✔️
14. Chattels or Commodities:
- Valuable Interest: Only commodities can have a valuable interest. ✔️
15. Fair Market Value:
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