AIC 301 FINAL EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED)
1. Question:
a legally enforceable agreement between 2 or more parties ?
Answer:
contract
2. Question:
not all __________________ are legally binding contracts ?
Answer:
agreements
3. Question:
6 elements of a legally binding contract ?
Answer:
1) agreement
2) capacity
3) mutual assent
4) consideration
5) legal purpose
6) form required by law
4. Question:
party making a promise ?
,Answer:
promisor
5. Question:
party to whom a promise is made ?
Answer:
promisee
6. Question:
the relationship that exists between 2 parties to a contract ?
Answer:
privity of contract
7. Question:
a party cannot sue for breach of contract without being in ______________ of contract with the
other party ?
Answer:
privity
8. Question:
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 ?
Answer:
third-party beneficiary
9. Question:
the failure without legal excuse, to fulfill a contractual promise ?
,Answer:
breach of contract
10. Question:
must include an offer and its acceptance ?
Answer:
agreement
11. Question:
party making the offer ?
Answer:
offeror
12. Question:
party who makes a promise or acts in return for something offered by another party ?
Answer:
offeree
13. Question:
offers must include _____________ terms and be communicated to and received by the offeree
?
Answer:
definite
14. Question:
if the offeree requests changes to conditions of the offer ?
, Answer:
counteroffer
15. Question:
all parties must be ______________ _________________ for a contract to be legally binding ?
Answer:
mentally competent
16. Question:
the act of 2 or more parties deliberately negotiating all terms to achieve consensus ?
Answer:
mutual assent
17. Question:
something of value that is given in return for a promise ?
Answer:
consideration
18. Question:
a contract must serve a legal purpose to be legally enforceable ?
Answer:
legal purpose
19. Question:
contracts must be in a proper, legally stipulated form to be binding ?
Answer:
COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED)
1. Question:
a legally enforceable agreement between 2 or more parties ?
Answer:
contract
2. Question:
not all __________________ are legally binding contracts ?
Answer:
agreements
3. Question:
6 elements of a legally binding contract ?
Answer:
1) agreement
2) capacity
3) mutual assent
4) consideration
5) legal purpose
6) form required by law
4. Question:
party making a promise ?
,Answer:
promisor
5. Question:
party to whom a promise is made ?
Answer:
promisee
6. Question:
the relationship that exists between 2 parties to a contract ?
Answer:
privity of contract
7. Question:
a party cannot sue for breach of contract without being in ______________ of contract with the
other party ?
Answer:
privity
8. Question:
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 ?
Answer:
third-party beneficiary
9. Question:
the failure without legal excuse, to fulfill a contractual promise ?
,Answer:
breach of contract
10. Question:
must include an offer and its acceptance ?
Answer:
agreement
11. Question:
party making the offer ?
Answer:
offeror
12. Question:
party who makes a promise or acts in return for something offered by another party ?
Answer:
offeree
13. Question:
offers must include _____________ terms and be communicated to and received by the offeree
?
Answer:
definite
14. Question:
if the offeree requests changes to conditions of the offer ?
, Answer:
counteroffer
15. Question:
all parties must be ______________ _________________ for a contract to be legally binding ?
Answer:
mentally competent
16. Question:
the act of 2 or more parties deliberately negotiating all terms to achieve consensus ?
Answer:
mutual assent
17. Question:
something of value that is given in return for a promise ?
Answer:
consideration
18. Question:
a contract must serve a legal purpose to be legally enforceable ?
Answer:
legal purpose
19. Question:
contracts must be in a proper, legally stipulated form to be binding ?
Answer:
