AIC 301

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) Injunction A court-ordered equitable remedy requiring a party to act or refrain from acting Undue Influence improper influence that is asserted by one dominant person over another, without the threat of harm Void Contract Not legally enforceable or binding intended beneficiary A third party for whose benefit a contract is formed. Contractual Consideration Legal Meaning Contract Novation The substitution of one part...

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 contra...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) Colin's apartment lease has terminated, but he refuses to move. How can his landlord remedy this situation? The landlord can remedy Colin's refusal to leave by evicting him with court assistance. The landlord must send Colin a written notice terminating the tenancy and demanding possession. After a period of time, the landlord can serve a summons and complaint, and a hearing will be held. If the landlord establishes a ...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) What are the offer and acceptance components of an insurance contract? An insurance application, signed by the applicant and sent to the insurer through the producer, is an offer. If the insurer agrees to provide coverage for the insured, the insurance policy that is issued will be the acceptance Concerned that she's left herself vulnerable to a sizeable loss, Crystal emails her insurance agent asking to increase the com...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) What are the elements of a legally binding contract? To be legally binding, contracts must: • Contain an agreement between all parties • Involve parties with the legal capacity to contract • Contain mutual assent • Involve consideration • Have a legal purpose • Be in the form prescribed by law What are the similarities and differences between bilateral and unilateral contracts? In bilateral contracts, eac...

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 t...

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 relationshi...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) An expanded liability concept that applies when all defendants acted together or cooperatively. Concert of action An expanded liability concept that applies when two or more parties worked together to commit an unlawful act. Conspiracy A legal responsibility that occurs when one party is held liable for the actions of a subordinate or an associate because of the relationship between the two parties. Vicarious liability ...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) A defamatory statement expressed by speech. Slander A defamatory statement expressed in writing. Libel In tort law, the communication of a defamatory statement to another person. Publication The intent to do a wrongful act without justification or excuse. Malice An intentional false and misleading statement about a characteristic of a plaintiff's product, resulting in financial damage to the plaintiff. Product dis...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) A landlord-tenant estate created for a definite period. Estate for years A landlord-tenant estate with no fixed termination date and automatic renewal until one of the parties gives notice of intent to terminate. Periodic tenancy A tenant who has a lease for a number of years and, at the expiration of the lease, continues to occupy the premises. Holdover tenant A legal document that provides title to the goods in storag...