Promisor Study guides, Revision notes & Summaries

AIC 301 Test Exam Questions Marking Scheme A legally enforceable agreement between two or more parties. - Answer -contract The party to a contract making a promise. - Answer -Promisor The party to a contract to whom a promise is made. - Answer -Promisee The relationship that exists between the parties to a contract. - Answer -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 eit...

what makes a contract irrevocable? - option contract detrimental reliance what is an option contract? - offeror promises to hold offer open for a special period in exchange for consideration what is determinantal reliance (promissory estoppel)? - 1. If Person A reasonable relies on 2. Person's B promise 3. In a way that causes Person A harm, then 4. Person B is estopped form not fulfilling the promise (Person B has kept the promise) what is partial performance? - form of detrim...

Express Actual Authority: Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: he FAR and states that each authority is delegable unless specifically stated otherwise (FAR 1.108(...

Elements of a binding contract correct answers1 .An offer must be made. 2. An acceptance must be given. 3. Something of value must be exchanged (consideration) When is a contract not enforceable? correct answers"illegal," Fraud, Minor Quasi-Contract (unjust enrichment) correct answers- Not necessarily a contract, but enforceable - A party confers a benefit that the second party accepts, would be unjust for the acceptor to keep benefit without paying. Promissory Estoppel correct ans...

Contract - ANSWERSa promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANSWERS-Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exchange of value, including their de...

Contract - ANSWERS"A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty" an agreement between two or more competent parties, to perform or refrain from performing some present or future act. Contract Law - ANSWERSReflects what promises/commitments our society believes should be legally binding. Breach of contract - ANSWERSThe failure, without legal excuse, of a promisor to perform the obligations of ...

WGU C713 Study Guide (V.3) Unit 5 Questions and Answers 100% Pass What is the restatement of contracts? Detailed Analyses of the decided cases in the field. the restatements declare the law as the courts have determined it to be. What is the Uniform Commercial Code? A large collection of legal rules regarding many important businesses or commercial activities. What are the Elements of a legal contract? 1. the parties reached an agreement. 2. consideration was present. 3. the agreement was lega...

Contract - ANSWERS"A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty" an agreement between two or more competent parties, to perform or refrain from performing some present or future act.Contract - ANSWERS"A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty" an agreement between two or more competent parties, to ...

AIC 301 - All the terms and definitions Test Exam Questions Marking Scheme What is a contract? - Answer -A legally enforceable agreement between two or more parties. 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 n...

Express Actual Authority: correct answers Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: correct answers authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: correct answers someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: correct answers he FAR and states that each authori...