AIC 301

AIC 301 EXAM: LATEST A+ QUESTIONS AND ANSWERS BREAKDOWN A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period. Adverse possession A property owner's right to have land suppor...

AIC 301 EXAM: LATEST A+ QUESTIONS AND ANSWERS BREAKDOWN A legally enforceable agreement between two or more parties. contract The party to a contract making a promise. Promisor The party to a contract to whom a promise is made. Promisee The relationship that exists between the parties to a contract. Privity of contract 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. ...

AIC 301 EXAM: LATEST A+ QUESTIONS AND ANSWERS BREAKDOWN Tort A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally protected right. Tortfeasor A person or an organization that has committed a tort. Plaintiff The person or entity who files a lawsuit and is named as a party. Defendant The party in a lawsuit against whom a complaint is filed. Legal duty An element of negligence that exists when parties are in such a relationship that the law imp...

AIC 301 EXAM: LATEST A+ QUESTIONS AND ANSWERS BREAKDOWN 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. Privity of contract The relationship that exists between the parties to a contract. Third-party beneficiary 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 t...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) substitution parties can agree to substitute a new contract for a previous one novation the act of substituting a contract with another contract, and obligation with another obligation, or a party with another arty or adding an obligation accord and satisfaction an agreement to substitute performance other than that required in a contract and the carrying out of that agreement impossibility a promisor's duty to perf...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) contract a legally enforceable agreement between 2 or more parties agreements not all __________________ are legally binding contracts 1) agreement 2) capacity 3) mutual assent 4) consideration 5) legal purpose 6) form required by law 6 elements of a legally binding contract promisor party making a promise promisee party to whom a promise is made privity of contract the relationship that exists between 2 parti...

AIC 301 EXAM QUESTIONS AND ANSWERS LATEST VERSION (ALREADY GRADED A+) Res Ipsa Loquitur A legal doctrine that provides that, in some circumstances, negligence is inferred simply by an accident occurring. exclusive control The control of only one person or entity; in tort law the control by the defendant alone of an instrument that caused harm. Comparative Negligence A common-law principle that requires both parties to a loss to share the financial burden of the bodily injury or property da...

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+) Assignment of contracts Transfer of contract rights to third parties Executory contract Contract partially unfulfilled by parties Executed contract Contract fully performed by both parties Ambiguity in insurance policy Courts interpret to align with parties' intentions Breach of contract Failure to deliver on agreed terms Handwriting vs. typewriting Handwriting prevails in contract discrepancies Consequential d...

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...