AIC 301 Glossary & Concepts
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Contract - Answer: a legally enforceable agreement between
two or more parties
Promisor - Answer: The party/person making the promise
Promisee - Answer: The party/person to whom a promise is
made.
Privity of Contract - Answer: The relationship that exists
between the parties of a contract (promisor and the promisee)
Third Party Beneficiary - Answer: A person/party that will
benefit from the contract but is not a party to the contract.
Offeror - Answer: The party making the offer/promise to give
something in return for a promise or an act by another person.
Offeree - Answer: The party to a contract who makes a
promise or acts in return for something offered by another
party.
,Types of Contracts - Answer: 1. Bilateral & Unilateral Contracts
2. Executed & Executory Contracts
3. Express & Implied Contracts
4. Voidable & Void Contracts
Bilateral Contract - Answer: A contract in which each party
promises a performance. The most common type of contract.
Unilateral Contract - Answer: A contract in which one party
makes a promise or undertakes the requested performance.
Example: Insurance will pay if an accident occurs (if premiums
are paid). The insured does not have to take advantage of this
offer but if they chose to pay the premium that constitutes
acting on the contract.
Executed Contract - Answer: A contract that has been
completely performed by both parties. It requires nothing
more.
, Executory Contract - Answer: A contract that has not yet been
fully executed. Example: Fire Insurance: the insurers promise to
provide coverage is conditional on the occurrence of a fire.
Express Contract - Answer: The terms are clearly stated.
Implied Contract - Answer: Not an actual contract (quasi
contract). The terms and conditions are indicated by the actions
of the parties to the contract and surrounding circumstance.
There are 2 types -implied in fact & implied in law
Implied in Fact Contract - Answer: It is not expressed but the
parties presumably intended, either by tacit understanding or
by the assumption that it existed.
Example: A landscaper works every Wednesday and gets paid
the same amount each Thursday for months. This is an implied
in fact contract.
Implied in Law Contract - Answer: Not an actual contract. This
could be an obligation that does not arise from the parties'
Comprehensive Study Guide +
Exam Questions & Solutions
Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic
, Support
Helping Students Achieve Academic Excellence
Contract - Answer: a legally enforceable agreement between
two or more parties
Promisor - Answer: The party/person making the promise
Promisee - Answer: The party/person to whom a promise is
made.
Privity of Contract - Answer: The relationship that exists
between the parties of a contract (promisor and the promisee)
Third Party Beneficiary - Answer: A person/party that will
benefit from the contract but is not a party to the contract.
Offeror - Answer: The party making the offer/promise to give
something in return for a promise or an act by another person.
Offeree - Answer: The party to a contract who makes a
promise or acts in return for something offered by another
party.
,Types of Contracts - Answer: 1. Bilateral & Unilateral Contracts
2. Executed & Executory Contracts
3. Express & Implied Contracts
4. Voidable & Void Contracts
Bilateral Contract - Answer: A contract in which each party
promises a performance. The most common type of contract.
Unilateral Contract - Answer: A contract in which one party
makes a promise or undertakes the requested performance.
Example: Insurance will pay if an accident occurs (if premiums
are paid). The insured does not have to take advantage of this
offer but if they chose to pay the premium that constitutes
acting on the contract.
Executed Contract - Answer: A contract that has been
completely performed by both parties. It requires nothing
more.
, Executory Contract - Answer: A contract that has not yet been
fully executed. Example: Fire Insurance: the insurers promise to
provide coverage is conditional on the occurrence of a fire.
Express Contract - Answer: The terms are clearly stated.
Implied Contract - Answer: Not an actual contract (quasi
contract). The terms and conditions are indicated by the actions
of the parties to the contract and surrounding circumstance.
There are 2 types -implied in fact & implied in law
Implied in Fact Contract - Answer: It is not expressed but the
parties presumably intended, either by tacit understanding or
by the assumption that it existed.
Example: A landscaper works every Wednesday and gets paid
the same amount each Thursday for months. This is an implied
in fact contract.
Implied in Law Contract - Answer: Not an actual contract. This
could be an obligation that does not arise from the parties'
