AIC 301 EXAM QUESTIONS AND ANSWERS LATEST
VERSION (ALREADY GRADED A+)
Assignment
The transfer of rights or property.
Assignor
The party to a contract who makes an assignment.
Assignee
The individual or entity to whom property, rights, or interests have been transferred.
Statute of frauds
A law to prevent fraud and perjury by requiring that certain contracts be in writing and contain the
signature of the party responsible for performing that contract.
Privity of contract
The relationship that exists between the parties to a contract.
Third-party beneficiary contract
A contract between two parties that benefits a third party.
Creditor beneficiary
A third-party beneficiary owed a debt that is to be satisfied by performance of a contract.
Donee beneficiary
A third-party beneficiary who receives the benefit of a contract's performance as a gift from the
promisee, with the intent of the contracting parties.
Incidental beneficiary
A third-party beneficiary who has no contractual rights but benefits from a contract even though that is
not the intent of the parties to the contract.
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.
VERSION (ALREADY GRADED A+)
Assignment
The transfer of rights or property.
Assignor
The party to a contract who makes an assignment.
Assignee
The individual or entity to whom property, rights, or interests have been transferred.
Statute of frauds
A law to prevent fraud and perjury by requiring that certain contracts be in writing and contain the
signature of the party responsible for performing that contract.
Privity of contract
The relationship that exists between the parties to a contract.
Third-party beneficiary contract
A contract between two parties that benefits a third party.
Creditor beneficiary
A third-party beneficiary owed a debt that is to be satisfied by performance of a contract.
Donee beneficiary
A third-party beneficiary who receives the benefit of a contract's performance as a gift from the
promisee, with the intent of the contracting parties.
Incidental beneficiary
A third-party beneficiary who has no contractual rights but benefits from a contract even though that is
not the intent of the parties to the contract.
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.
