AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+)

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST
VERSION (ALREADY GRADED A+)
Contract

A legally enforceable agreement between two or more parties.

Promisor

The party to a contract making a promise.

Promisee

The party to a contract to whom a promise is made.

Privity of contract

The relationship that exists between the parties to a contract.

Third-party beneficiary

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

The failure, without legal excuse, to fulfill a contractual promise.

Offeror

The party to a contract who promises to give something in return for a promise or an act by another
party.

Offeree

The party to a contract who makes a promise or acts in return for something offered by another party.

Uniform Commercial Code

A code of federal laws that govern commercial transactions in the United States.

Bilateral contract

A contract in which each party promises a performance.

Unilateral contract

A contract in which only one party makes a promise or undertakes the requested performance.

Executed contract

A contract that has been completely performed by both parties.