AIC 301 Expanding Your Claims Perspective Questions and Correct Answers/ Latest Update / Already Graded

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AIC 301 Expanding Your Claims
Perspective Questions and Correct
Answers/ Latest Update / Already Graded
Contract

Ans: a legally enforceable agreement between two or more
parties


Promisor

Ans: The party to a contract making a promise.


Promisee

Ans: The party to a contract to whom a promise is made.


Privity of contract

Ans: The relationship that exists between the parties to a
contract


Third-party beneficiary




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Ans: 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

Ans: The failure, without legal excuse, to fulfill a contractual
promise


Offeror

Ans: The party to a contract who promises to give something in
return for a promise or an act by another party


Offeree

Ans: The party to a contract who makes a promise or acts in
return for something offered by another party


Uniform Commercial Code (UCC)

Ans: A code of federal laws that govern commercial
transactions in the United States


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

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for business transactions throughout the United States and its
territories


Bilateral contract

Ans: A contract in which each party promises a performance


Unilateral contract

Ans: A contract in which only one party makes a promise or
undertakes the requested performance


Executed contract

Ans: A contract that has been completely performed by both
parties


Executory contract

Ans: A contract that has not been completely performed by
one or both of the parties


Express contract

Ans: A contract whose terms and conditions are explicitly
stated

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Implied contract

Ans: 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

Ans: 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

Ans: 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

Ans: A contract that one of the parties can reject (avoid) based
on some circumstance surrounding its execution.


Void contract

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