AIC 301 EXAM QUESTIONS AND ANSWERS LATEST
VERSION (ALREADY GRADED A+)
Valid Assignment
Effective without obligor notification
Contra proferentum
Interpreting ambiguous language against its creator's interests
Repudiation
Positive refusal to meet contract obligations
Novation
Substitution of a party in a contract
Nonperformance
Insurer's right against the insured for material breach
Substantial Performance
Completing primary terms of an agreement
Tender
Offer to fulfill contract duties
Executory Contract
Not fully performed by one or both parties
Implied-in-Fact Contract
Presumed intentional contract
Incidental Beneficiary
Third party benefiting unintentionally from a contract
Parol Evidence Rule
Extrinsic evidence not altering written terms
Extrinsic Evidence
External evidence affecting document interpretation
Plain Meaning Rule
Interpreting contracts based on word meanings
VERSION (ALREADY GRADED A+)
Valid Assignment
Effective without obligor notification
Contra proferentum
Interpreting ambiguous language against its creator's interests
Repudiation
Positive refusal to meet contract obligations
Novation
Substitution of a party in a contract
Nonperformance
Insurer's right against the insured for material breach
Substantial Performance
Completing primary terms of an agreement
Tender
Offer to fulfill contract duties
Executory Contract
Not fully performed by one or both parties
Implied-in-Fact Contract
Presumed intentional contract
Incidental Beneficiary
Third party benefiting unintentionally from a contract
Parol Evidence Rule
Extrinsic evidence not altering written terms
Extrinsic Evidence
External evidence affecting document interpretation
Plain Meaning Rule
Interpreting contracts based on word meanings
