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

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

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

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

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

A contract that one of the parties can reject (avoid) based on some circumstance surrounding its
execution.

Void contract

An agreement that, despite the parties' intentions, never reaches contract status and is therefore not
legally enforceable or binding.

Mutual assent

The act of two or more parties coming together to agree to the terms of a contract.

Fraud

An intentional misrepresentation resulting in harm to a person or an organization.

Representation

A statement of alleged fact.

Material fact

A fact that is significant to a decision or matter at hand.

Rescission

A legal act of canceling something (like a contract) and making it void.

Unilateral mistake

A perception by one party to a contract that does not agree with the facts.

Bilateral mistake