AIC 301 CERTIFICATION EXAMINATION TEST
2026 QUESTIONS WITH CORRECT ANSWERS
GRADED A+
◉ 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.
2026 QUESTIONS WITH CORRECT ANSWERS
GRADED A+
◉ 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.
