AIC 301 - EXPANDING YOUR CLAIMS PERSPECTIVE EXAM NEW SET WITH 100% VERIFIED SOLUTIONS!!|| GRADED A+|| LATEST UPDATE 2026

AIC 301 - EXPANDING YOUR CLAIMS
PERSPECTIVE EXAM NEW SET WITH
100% VERIFIED SOLUTIONS!!|| GRADED
A+|| LATEST UPDATE 2026
Contract -CORRECTANSWER a legally enforceable agreement between two or more

parties



Promisor -CORRECTANSWER The party to a contract making a promise.



Promisee -CORRECTANSWER The party to a contract to whom a promise is made.



Privity of contract -CORRECTANSWER The relationship that exists between the parties

to a contract



Third-party beneficiary -CORRECTANSWER 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 -CORRECTANSWER The failure, without legal excuse, to fulfill a

contractual promise

,Offeror -CORRECTANSWER The party to a contract who promises to give something

in return for a promise or an act by another party



Offeree -CORRECTANSWER The party to a contract who makes a promise or acts in

return for something offered by another party



Uniform Commercial Code (UCC) -CORRECTANSWER 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



Bilateral contract -CORRECTANSWER A contract in which each party promises a

performance



Unilateral contract -CORRECTANSWER A contract in which only one party makes a

promise or undertakes the requested performance



Executed contract -CORRECTANSWER A contract that has been completely

performed by both parties

,Executory contract -CORRECTANSWER A contract that has not been completely

performed by one or both of the parties



Express contract -CORRECTANSWER A contract whose terms and conditions are

explicitly stated



Implied contract -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER A contract that one of the parties can reject

(avoid) based on some circumstance surrounding its execution.



Void contract -CORRECTANSWER An agreement that, despite the parties' intentions,

never reaches contract status and is therefore not legally enforceable or binding.

, Mutual assent -CORRECTANSWER The act of two or more parties coming together to

agree to the terms of a contract.



Fraud -CORRECTANSWER An intentional misrepresentation resulting in harm to a

person or organization



Representation -CORRECTANSWER A statement of alleged fact



Material fact -CORRECTANSWER A fact that is significant to a decision or matter at

hand



Rescission -CORRECTANSWER A legal act of canceling something (like a contract)

and making it void



Unilateral mistake -CORRECTANSWER A perception by one party to a contract that

does not agree with the facts



Bilateral mistake -CORRECTANSWER A perception by both parties to a contract that

does not agree with the facts.



Duress -CORRECTANSWER The use of restraint, violence, threats of violence, or

wrongful pressure to compel a party to act contrary to his or her wishes or interests