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AIC 301 Questions And Answers 100% Verified 2024/2025
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AIC 301Contract
A legally enforceable agreement among two or extra events.
Promisor
The birthday celebration to a settlement making a promise.
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Promisee
The party to a contract to whom a promise is made.
Privity of settlement
The relationship that exists among the events to a agreement.
Third-birthday celebration beneficiary
A person who isn't always a celebration to a contract but who benefits from it and has a criminal
right to put into effect the agreement if it's miles breached by using both of the contracting
events.
Breach of settlement
The failure, without prison excuse, to satisfy a contractual promise.
,Offeror
The birthday party to a agreement who guarantees to offer some thing in go back for a promise
or an act by means of some other celebration.
Offeree
The birthday party to a agreement who makes a promise or acts in go back for something
offered by every other birthday celebration.
Uniform Commercial Code
A code of federal laws that govern commercial transactions within the United States.
Bilateral agreement
A agreement in which each birthday party guarantees a overall performance.
Unilateral agreement
A settlement wherein simplest one birthday celebration makes a promise or undertakes the
requested performance.
Executed agreement
A contract that has been absolutely completed through each parties.
Executory contract
A agreement that has no longer been completely accomplished with the aid of one or each of
the parties.
Express contract
A contract whose phrases and intentions are explicitly stated.
Implied settlement
A contract whose terms and intentions are indicated by means of the moves of the parties to the
contract and the encompassing circumstances.
Implied-in-reality contract
A settlement that isn't always express however that the events probably intended, both by
means of tacit knowledge or by means of the idea that it existed.
, Implied-in-law agreement
An responsibility that isn't always an real settlement but this is imposed by using regulation
because of the events' behavior or a few special dating between them or because one in all
them would in any other case be unjustly enriched.
Voidable agreement
A settlement that one of the parties can reject (keep away from) based on some situation
surrounding its execution.
Void settlement
An agreement that, notwithstanding the events' intentions, never reaches settlement status and
is therefore no longer legally enforceable or binding.
Mutual assent
The act of two or extra events coming collectively to comply with the terms of a agreement.
Fraud
An intentional misrepresentation ensuing in harm to someone or an agency.
Representation
A assertion of alleged truth.
Material fact
A fact that is considerable to a selection or count handy.
Rescission
A legal act of canceling something (like a agreement) and making it void.
Unilateral mistake
A perception through one party to a settlement that doesn't agree with the facts.
Bilateral mistake
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