AIC 301 Exam Questions With Correct
Answers|| Graded A+
Contract - Answer-A legally enforceable agreement between two or more parties.
/.Promisor - Answer-The party to a contract making a promise.
/.Promisee - Answer-The party to a contract to whom a promise is made.
/.Privity of Contract - Answer-The relationship that exists between the parties to a
contract.
/.Third-Party Beneficiary - Answer-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 - Answer-The failure, without legal excuse, to fulfill a contractual
promise.
/.Offeror - Answer-The party to a contract who promises to give something in return for
a promise or an act by another party.
/.Offeree - Answer-The party to a contract who makes a promise or acts in return for
something offered by another party.
/.Uniform Commercial Code - Answer-A code of laws that govern commercial
transactions in the United States.
/.Bilateral Contract - Answer-A contract in which each party promises a performance.
/.Unilateral Contract - Answer-A contract in which only one party makes a promise or
undertakes the requested performance.
/.Executed Contract - Answer-A contract that has been completely performed by both
parties.
/.Executory Contract - Answer-A contract that has not been completely performed by
one or both of the parties.
/.Express Contract - Answer-A contract whose terms and intentions are explicitly stated.
Answers|| Graded A+
Contract - Answer-A legally enforceable agreement between two or more parties.
/.Promisor - Answer-The party to a contract making a promise.
/.Promisee - Answer-The party to a contract to whom a promise is made.
/.Privity of Contract - Answer-The relationship that exists between the parties to a
contract.
/.Third-Party Beneficiary - Answer-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 - Answer-The failure, without legal excuse, to fulfill a contractual
promise.
/.Offeror - Answer-The party to a contract who promises to give something in return for
a promise or an act by another party.
/.Offeree - Answer-The party to a contract who makes a promise or acts in return for
something offered by another party.
/.Uniform Commercial Code - Answer-A code of laws that govern commercial
transactions in the United States.
/.Bilateral Contract - Answer-A contract in which each party promises a performance.
/.Unilateral Contract - Answer-A contract in which only one party makes a promise or
undertakes the requested performance.
/.Executed Contract - Answer-A contract that has been completely performed by both
parties.
/.Executory Contract - Answer-A contract that has not been completely performed by
one or both of the parties.
/.Express Contract - Answer-A contract whose terms and intentions are explicitly stated.
