AIC 301 - All the terms and definitions
Test Exam Questions Marking Scheme |
Verified
/.What is a contract? - Answer-✅A legally enforceable agreement between two or more
parties.
/.Who is the promisor? - Answer-✅The party to a contract making a promise.
/.Who is the promisee? - Answer-✅The party to a contract to whom a promise is made.
/.What is privity of contract? - Answer-✅The relationship that exists between the parties
to a contract.
/.Who is a 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.
/.What is a breach of contract? - Answer-✅The failure, without legal excuse, to fulfill a
contractual promise.
/.Who is the offeror? - Answer-✅The party to a contract who promises to give
something in return for a promise or an act by another party.
/.Who is the offeree? - Answer-✅The party to a contract who makes a promise or acts
in return for something offered by another party.
/.What is the Uniform Commercial Code? - Answer-✅A code of laws that govern
commercial transactions in the United States.
/.What is a bilateral contract? - Answer-✅A contract in which each party promises a
performance.
/.What is a unilateral contract? - Answer-✅A contract in which only one party makes a
promise or undertakes the requested performance.
/.What is an executed contract? - Answer-✅A contract that has been completely
performed by both parties.
, /.What is an executory contract? - Answer-✅A contract that has not been completely
performed by one or both of the parties.
/.What is an express contract? - Answer-✅A contract whose terms and intentions are
explicitly stated.
/.What is the definition of Uniform Commercial Code? - Answer-✅A model code that
provides a consistent legal basis for business transactions.
/.What is the definition of Parol evidence rule? - Answer-✅A provision that prevents
contract modification by oral agreements.
/.What is the definition of Statute of frauds? - Answer-✅A law requiring certain contracts
to be in writing.
/.What is the definition of Real property (realty)? - Answer-✅Tangible property
consisting of land and attached structures.
/.What is the definition of Assignment? - Answer-✅The transfer of rights or property.
/.What is the definition of Assignor? - Answer-✅The party who makes an assignment.
/.What is the definition of Assignee? - Answer-✅The individual or entity receiving the
transferred property or rights.
/.What is the definition of Third-party beneficiary contract? - Answer-✅A contract that
benefits a third party.
/.What is the definition of Creditor beneficiary? - Answer-✅A third-party beneficiary
owed a debt to be satisfied by a contract.
/.What is the definition of Donee beneficiary? - Answer-✅A third-party beneficiary
receiving a gift from a contract's performance.
/.What is the definition of Incidental beneficiary? - Answer-✅A third-party beneficiary
benefiting from a contract unintentionally.
/.What is the definition of Discharge? - Answer-✅The act of ending a contract,
agreement, or obligation.
/.What is the definition of Tender? - Answer-✅An offer to perform duties under a
contract.
Test Exam Questions Marking Scheme |
Verified
/.What is a contract? - Answer-✅A legally enforceable agreement between two or more
parties.
/.Who is the promisor? - Answer-✅The party to a contract making a promise.
/.Who is the promisee? - Answer-✅The party to a contract to whom a promise is made.
/.What is privity of contract? - Answer-✅The relationship that exists between the parties
to a contract.
/.Who is a 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.
/.What is a breach of contract? - Answer-✅The failure, without legal excuse, to fulfill a
contractual promise.
/.Who is the offeror? - Answer-✅The party to a contract who promises to give
something in return for a promise or an act by another party.
/.Who is the offeree? - Answer-✅The party to a contract who makes a promise or acts
in return for something offered by another party.
/.What is the Uniform Commercial Code? - Answer-✅A code of laws that govern
commercial transactions in the United States.
/.What is a bilateral contract? - Answer-✅A contract in which each party promises a
performance.
/.What is a unilateral contract? - Answer-✅A contract in which only one party makes a
promise or undertakes the requested performance.
/.What is an executed contract? - Answer-✅A contract that has been completely
performed by both parties.
, /.What is an executory contract? - Answer-✅A contract that has not been completely
performed by one or both of the parties.
/.What is an express contract? - Answer-✅A contract whose terms and intentions are
explicitly stated.
/.What is the definition of Uniform Commercial Code? - Answer-✅A model code that
provides a consistent legal basis for business transactions.
/.What is the definition of Parol evidence rule? - Answer-✅A provision that prevents
contract modification by oral agreements.
/.What is the definition of Statute of frauds? - Answer-✅A law requiring certain contracts
to be in writing.
/.What is the definition of Real property (realty)? - Answer-✅Tangible property
consisting of land and attached structures.
/.What is the definition of Assignment? - Answer-✅The transfer of rights or property.
/.What is the definition of Assignor? - Answer-✅The party who makes an assignment.
/.What is the definition of Assignee? - Answer-✅The individual or entity receiving the
transferred property or rights.
/.What is the definition of Third-party beneficiary contract? - Answer-✅A contract that
benefits a third party.
/.What is the definition of Creditor beneficiary? - Answer-✅A third-party beneficiary
owed a debt to be satisfied by a contract.
/.What is the definition of Donee beneficiary? - Answer-✅A third-party beneficiary
receiving a gift from a contract's performance.
/.What is the definition of Incidental beneficiary? - Answer-✅A third-party beneficiary
benefiting from a contract unintentionally.
/.What is the definition of Discharge? - Answer-✅The act of ending a contract,
agreement, or obligation.
/.What is the definition of Tender? - Answer-✅An offer to perform duties under a
contract.
