AIC 301 STUDY GUIDE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

AIC 301 STUDY GUIDE QUESTIONS AND
ANSWERS WITH SOLUTIONS 2024
contractE-EANSWEREaElegallyEenforceableEagreementEbetweenE2EorEmoreEparties



agreementsE-EANSWEREnotEallE__________________EareElegallyEbindingEcontracts



1)Eagreement

2)Ecapacity

3)EmutualEassent

4)Econsideration

5)ElegalEpurpose

6)EformErequiredEbyElawE-EANSWERE6EelementsEofEaElegallyEbindingEcontract



promisorE-EANSWEREpartyEmakingEaEpromise



promiseeE-EANSWEREpartyEtoEwhomEaEpromiseEisEmade



privityEofEcontractE-EANSWEREtheErelationshipEthatEexistsEbetweenE2EpartiesEtoEaEcontract



privityE-
EANSWEREaEpartyEcannotEsueEforEbreachEofEcontractEwithoutEbeingEinE______________EofEcontractEwithEth

eEotherEparty



third-partyEbeneficiaryE-
EANSWEREaEpersonEwhoEisEnotEaEpartyEtoEaEcontractEbutEwhoEbenefitsEfromEitEandEhasEaElegalErightEtoEenfor

ceEtheEcontractEifEitEisEbreachedEbyEeitherEofEtheEcontractingEparties



breachEofEcontractE-EANSWEREtheEfailureEwithoutElegalEexcuse,EtoEfulfillEaEcontractualEpromise



agreementE-EANSWEREmustEincludeEanEofferEandEitsEacceptance

,offerorE-EANSWEREpartyEmakingEtheEoffer



offereeE-EANSWEREpartyEwhoEmakesEaEpromiseEorEactsEinEreturnEforEsomethingEofferedEbyEanotherEparty



definiteE-
EANSWEREoffersEmustEincludeE_____________EtermsEandEbeEcommunicatedEtoEandEreceivedEbyEtheEoffere

e



counterofferE-EANSWEREifEtheEoffereeErequestsEchangesEtoEconditionsEofEtheEoffer



mentallyEcompetentE-
EANSWEREallEpartiesEmustEbeE______________E_________________EforEaEcontractEtoEbeElegallyEbinding




mutualEassentE-
EANSWEREtheEactEofE2EorEmoreEpartiesEdeliberatelyEnegotiatingEallEtermsEtoEachieveEconsensus




considerationE-EANSWEREsomethingEofEvalueEthatEisEgivenEinEreturnEforEaEpromise



legalEpurposeE-EANSWEREaEcontractEmustEserveEaElegalEpurposeEtoEbeElegallyEenforceable



formErequiredEbyElawE-EANSWEREcontractsEmustEbeEinEaEproper,ElegallyEstipulatedEformEtoEbeEbinding



1)EsaleEofErealEestate

2)EagreementsEthatEcan'tEbeEperformedEwithinE1Eyear

3)EtransactionsE>E$500

4)EagreementsEtoEpayEaEdebtEowedE-EANSWERE4EexamplesEofEcontractsEthatEhaveEtoEbeEinEwriting



bilateralEcontractE-
EANSWEREaEcontractEwhereEeachEpartyEpromisesEtoEperformEanEactEinEexchangeEforEanEactEbyEtheEotherEpar

ty

,unilateralEcontractE-EANSWEREaEcontractEwhereEoneEpartyEpromisesEtoEpayEforEtheEactEofEtheEotherEparty



executedEcontractE-EANSWEREcontractEwhereEnothingEmoreEisErequiredEofEeitherEpartyEtoEbeEfulfilled



executoryEcontractE-EANSWEREaEcontractEthatEhasn'tEbeenEfullyEexecuted



expressEcontractE-EANSWEREcontractEwhereEtermsEandEintentionsEareEclearlyEstated



impliedEcontractE-
EANSWEREcontractEwhereEtermsEandEintentionsEareEindicatedEbyEtheEactionsEofEtheEpartiesEtoEtheEcontractE

andEtheEsurroundingEcircumstances



implied-in-factEcontractsE-
EANSWEREpartiesEpresumablyEintended,EeitherEbyEtacitEunderstandingEorEbyEtheEassumptionEthatEitEalread

yEexisted



implied-in-lawEcontractsE-
EANSWEREanEobligationEthatEisEnotEanEactualEcontractEbutEthatEisEimposedEbyElawEbecauseEofEtheEparties'Ec

onductEorEsomeEspecialErelationshipEbetweenEthemEorEbecauseEoneEofEthemEwouldEotherwiseEbeEunjustlyE
enriched



implied-in-lawEcontractsE-EANSWEREsometimesEcalledE"quasi-contracts"



voidableEcontractE-
EANSWEREaEcontractEthatEoneEofEtheEpartiesEcanErejectE(avoid)EbasedEonEsomeEcircumstancesEregardingEitsE

execution



behaviorE-EANSWEREtheE_______________EofEoneEofEtheEcontractingEpartiesEcanEmakeEaEcontractEvoidable



voidEcontractE-
EANSWEREanEagreementEthatEdespiteEthatEparties'Eintentions,EneverEreachesEcontractEstatusEandEisEtherefo

reEnotElegallyEenforceableEorEbinding

, voidEcontactE-EANSWEREex.EagreementEtoEcommitEaEcrimeE(whatEtypeEofEcontract?)



1)Efraud

2)Emistake

3)Eduress

4)EundueEinfluence

5)EinnocentEmisrepresentationE-EANSWERE5EfactorsElackingEforEmutualEassent



fraudE-EANSWEREanEintentionalEmisrepresentationEresultingEinEharmEtoEaEpersonEorEanEorganization



1)Erescission

2)EsueEforEdamagesE-EANSWERE2EremediesEthatEcanEbeEsoughtEifEfraudEisEproven



rescissionE-EANSWEREaElegalEactEofEcancellingEsomethingEandEmakingEitEvoid



sueEforEdamagesE-EANSWEREactionEtakenEifErescissionEcan'tEmakeEtheEplaintiffEwhole



1)EinsuredEknewEtheEfactEconcealedEwasEmaterial

2)EinsuredEconcealedEtheEfactEwithEtheEintentEtoEdefraudE-
EANSWERE2EthingsEinsurersEneedEtoEproveEtoEestablishEfraudulentEconcealment




unilateral;EbilateralE-EANSWEREmistakesEcanEbeE______________EorE_________________



duressE-
EANSWEREtheEuseEofErestraint,Eviolence,EthreatsEofEviolence,EorEwrongfulEpressureEtoEcompelEaEpartyEtoEact

EcontraryEtoEtheirEwishesEorEinterests




undueEinfluenceE-
EANSWEREtheEimproperEuseEofEpowerEorEtrustEtoEdepriveEaEpersonEofEfreeEwillEandEsubstituteEanother'sEobj

ective,EresultingEinElackEofEgenuineEassentEtoEaEcontract