AIC 301 CORE MAIN EXAMS ALL UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔What is the definition of Assignor? - ✔✔The party who makes an assignment.
✔✔What is the definition of Assignee? - ✔✔The individual or entity receiving the
transferred property or rights.
✔✔What is the definition of Third-party beneficiary contract? - ✔✔A contract that
benefits a third party.
✔✔What is the definition of Creditor beneficiary? - ✔✔A third-party beneficiary owed a
debt to be satisfied by a contract.
✔✔What is the definition of Donee beneficiary? - ✔✔A third-party beneficiary receiving
a gift from a contract's performance.
✔✔What is the definition of Incidental beneficiary? - ✔✔A third-party beneficiary
benefiting from a contract unintentionally.
✔✔What is the definition of Discharge? - ✔✔The act of ending a contract, agreement, or
obligation.
, ✔✔What is the definition of Tender? - ✔✔An offer to perform duties under a contract.
✔✔What is the definition of Novation? - ✔✔The act of substituting or adding obligations
or parties in a contract.
✔✔What is accord and satisfaction? - ✔✔An agreement to substitute performance in a
contract.
✔✔What is a condition precedent? - ✔✔An event that must occur before performance in
a contract.
✔✔What is a condition concurrent? - ✔✔An event that must occur at the same time as
another condition in a contract.
✔✔What is a condition subsequent? - ✔✔An event that, if it occurs, discharges a duty
of performance in a contract.
✔✔What is repudiation? - ✔✔A party's refusal to meet obligations under a contract.
✔✔What is an anticipatory breach? - ✔✔A party's indication before performance is due
that they will not perform.
✔✔What is a material breach of contract? - ✔✔A violation of the agreement that justifies
termination.
✔✔What are compensatory damages? - ✔✔A payment awarded to reimburse a victim
for actual harm.
✔✔What are consequential damages? - ✔✔A payment awarded to indemnify for losses
indirectly resulting from a wrong.
✔✔What are punitive damages? - ✔✔A payment awarded to punish a defendant for
reckless, malicious, or deceitful acts.
✔✔What is bad faith? - ✔✔An insurer's intentional or reckless act causing emotional
distress and resulting in damages.
✔✔What are extracontractual damages? - ✔✔A payment awarded by a court that
exceeds usual contract damages.
✔✔What is mitigation of damages? - ✔✔A duty to take reasonable measures to
minimize additional injury or loss.
QUESTIONS AND ANSWERS SURE A+
✔✔What is the definition of Assignor? - ✔✔The party who makes an assignment.
✔✔What is the definition of Assignee? - ✔✔The individual or entity receiving the
transferred property or rights.
✔✔What is the definition of Third-party beneficiary contract? - ✔✔A contract that
benefits a third party.
✔✔What is the definition of Creditor beneficiary? - ✔✔A third-party beneficiary owed a
debt to be satisfied by a contract.
✔✔What is the definition of Donee beneficiary? - ✔✔A third-party beneficiary receiving
a gift from a contract's performance.
✔✔What is the definition of Incidental beneficiary? - ✔✔A third-party beneficiary
benefiting from a contract unintentionally.
✔✔What is the definition of Discharge? - ✔✔The act of ending a contract, agreement, or
obligation.
, ✔✔What is the definition of Tender? - ✔✔An offer to perform duties under a contract.
✔✔What is the definition of Novation? - ✔✔The act of substituting or adding obligations
or parties in a contract.
✔✔What is accord and satisfaction? - ✔✔An agreement to substitute performance in a
contract.
✔✔What is a condition precedent? - ✔✔An event that must occur before performance in
a contract.
✔✔What is a condition concurrent? - ✔✔An event that must occur at the same time as
another condition in a contract.
✔✔What is a condition subsequent? - ✔✔An event that, if it occurs, discharges a duty
of performance in a contract.
✔✔What is repudiation? - ✔✔A party's refusal to meet obligations under a contract.
✔✔What is an anticipatory breach? - ✔✔A party's indication before performance is due
that they will not perform.
✔✔What is a material breach of contract? - ✔✔A violation of the agreement that justifies
termination.
✔✔What are compensatory damages? - ✔✔A payment awarded to reimburse a victim
for actual harm.
✔✔What are consequential damages? - ✔✔A payment awarded to indemnify for losses
indirectly resulting from a wrong.
✔✔What are punitive damages? - ✔✔A payment awarded to punish a defendant for
reckless, malicious, or deceitful acts.
✔✔What is bad faith? - ✔✔An insurer's intentional or reckless act causing emotional
distress and resulting in damages.
✔✔What are extracontractual damages? - ✔✔A payment awarded by a court that
exceeds usual contract damages.
✔✔What is mitigation of damages? - ✔✔A duty to take reasonable measures to
minimize additional injury or loss.
