AIC 301 Expanding Your Claims
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a legally enforceable agreement between two or more parties -
Answer: Contract
The party to a contract making a promise. - Answer: Promisor
The party to a contract to whom a promise is made. - Answer:
Promisee
The relationship that exists between the parties to a contract -
Answer: Privity of contract
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
,The failure, without legal excuse, to fulfill a contractual promise
- Answer: Breach of contract
The party to a contract who promises to give something in
return for a promise or an act by another party - Answer:
Offeror
The party to a contract who makes a promise or acts in return
for something offered by another party - Answer: Offeree
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 for business transactions throughout the United States
and its territories - Answer: Uniform Commercial Code (UCC)
A contract in which each party promises a performance -
Answer: Bilateral contract
A contract in which only one party makes a promise or
undertakes the requested performance - Answer: Unilateral
contract
A contract that has been completely performed by both parties
- Answer: Executed contract
A contract that has not been completely performed by one or
both of the parties - Answer: Executory contract
Perspective 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
a legally enforceable agreement between two or more parties -
Answer: Contract
The party to a contract making a promise. - Answer: Promisor
The party to a contract to whom a promise is made. - Answer:
Promisee
The relationship that exists between the parties to a contract -
Answer: Privity of contract
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
,The failure, without legal excuse, to fulfill a contractual promise
- Answer: Breach of contract
The party to a contract who promises to give something in
return for a promise or an act by another party - Answer:
Offeror
The party to a contract who makes a promise or acts in return
for something offered by another party - Answer: Offeree
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 for business transactions throughout the United States
and its territories - Answer: Uniform Commercial Code (UCC)
A contract in which each party promises a performance -
Answer: Bilateral contract
A contract in which only one party makes a promise or
undertakes the requested performance - Answer: Unilateral
contract
A contract that has been completely performed by both parties
- Answer: Executed contract
A contract that has not been completely performed by one or
both of the parties - Answer: Executory contract
