AIC 301 ExpAndIng Your ClAIms pErspECtIvE ExAm nEWEst 2026 WItH
ComplEtE QuEstIons And CorrECt dEtAIlEd AnsWErs (vErIFIEd AnsWErs)
|AlrEAdY grAdEd A+||BrAnd nEW vErsIon!!
Breach of contract - CorrECt AnsWEr-The failure, without legal excuse, to fulfill a contractual
promise
Offeror - CorrECt AnsWEr-The party to a contract who promises to give something in return
for a promise or an act by another party
Offeree - CorrECt AnsWEr-The party to a contract who makes a promise or acts in return for
something offered by another party
Uniform Commercial Code (UCC) - CorrECt AnsWEr-A code of federal laws that govern
commercial transactions in the United States
A model code that has been adopted in whole or in part by each state and whose purpose is to
provide a consistent legal basis for business transactions throughout the United States and its
territories
Contract - CorrECt AnsWEr-a legally enforceable agreement between two or more parties
Promisor - CorrECt AnsWEr-The party to a contract making a promise.
Promisee - CorrECt AnsWEr-The party to a contract to whom a promise is made.
,Privity of contract - CorrECt AnsWEr-The relationship that exists between the parties to a
contract
Third-party beneficiary - CorrECt 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
Bilateral contract - CorrECt AnsWEr-A contract in which each party promises a performance
Unilateral contract - CorrECt AnsWEr-A contract in which only one party makes a promise or
undertakes the requested performance
Executed contract - CorrECt AnsWEr-A contract that has been completely performed by both
parties
Executory contract - CorrECt AnsWEr-A contract that has not been completely performed by
one or both of the parties
Express contract - CorrECt AnsWEr-A contract whose terms and conditions are explicitly
stated
Implied contract - CorrECt AnsWEr-A contract whose terms and intentions are indicated by
the actions of the parties to the contract and the surrounding circumstances
Implied-in-fact contract - CorrECt AnsWEr-A contract that is not express but that the parties
presumably intended, either by tacit understanding or by the assumption that it existed
, Implied-in-law contract - CorrECt AnsWEr-An obligation that is not an actual contract but that
is imposed by law because of the parties' conduct or some special relationship between them
or because one of them would otherwise be unjustly enriched
Voidable contract - CorrECt AnsWEr-A contract that one of the parties can reject (avoid)
based on some circumstance surrounding its execution.
Void contract - CorrECt AnsWEr-An agreement that, despite the parties' intentions, never
reaches contract status and is therefore not legally enforceable or binding.
Mutual assent - CorrECt AnsWEr-The act of two or more parties coming together to agree to
the terms of a contract.
Fraud - CorrECt AnsWEr-An intentional misrepresentation resulting in harm to a person or
organization
Representation - CorrECt AnsWEr-A statement of alleged fact
Material fact - CorrECt AnsWEr-A fact that is significant to a decision or matter at hand
Rescission - CorrECt AnsWEr-A legal act of canceling something (like a contract) and making it
void
Unilateral mistake - CorrECt AnsWEr-A perception by one party to a contract that does not
agree with the facts
Bilateral mistake - CorrECt AnsWEr-A perception by both parties to a contract that does not
agree with the facts.
ComplEtE QuEstIons And CorrECt dEtAIlEd AnsWErs (vErIFIEd AnsWErs)
|AlrEAdY grAdEd A+||BrAnd nEW vErsIon!!
Breach of contract - CorrECt AnsWEr-The failure, without legal excuse, to fulfill a contractual
promise
Offeror - CorrECt AnsWEr-The party to a contract who promises to give something in return
for a promise or an act by another party
Offeree - CorrECt AnsWEr-The party to a contract who makes a promise or acts in return for
something offered by another party
Uniform Commercial Code (UCC) - CorrECt AnsWEr-A code of federal laws that govern
commercial transactions in the United States
A model code that has been adopted in whole or in part by each state and whose purpose is to
provide a consistent legal basis for business transactions throughout the United States and its
territories
Contract - CorrECt AnsWEr-a legally enforceable agreement between two or more parties
Promisor - CorrECt AnsWEr-The party to a contract making a promise.
Promisee - CorrECt AnsWEr-The party to a contract to whom a promise is made.
,Privity of contract - CorrECt AnsWEr-The relationship that exists between the parties to a
contract
Third-party beneficiary - CorrECt 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
Bilateral contract - CorrECt AnsWEr-A contract in which each party promises a performance
Unilateral contract - CorrECt AnsWEr-A contract in which only one party makes a promise or
undertakes the requested performance
Executed contract - CorrECt AnsWEr-A contract that has been completely performed by both
parties
Executory contract - CorrECt AnsWEr-A contract that has not been completely performed by
one or both of the parties
Express contract - CorrECt AnsWEr-A contract whose terms and conditions are explicitly
stated
Implied contract - CorrECt AnsWEr-A contract whose terms and intentions are indicated by
the actions of the parties to the contract and the surrounding circumstances
Implied-in-fact contract - CorrECt AnsWEr-A contract that is not express but that the parties
presumably intended, either by tacit understanding or by the assumption that it existed
, Implied-in-law contract - CorrECt AnsWEr-An obligation that is not an actual contract but that
is imposed by law because of the parties' conduct or some special relationship between them
or because one of them would otherwise be unjustly enriched
Voidable contract - CorrECt AnsWEr-A contract that one of the parties can reject (avoid)
based on some circumstance surrounding its execution.
Void contract - CorrECt AnsWEr-An agreement that, despite the parties' intentions, never
reaches contract status and is therefore not legally enforceable or binding.
Mutual assent - CorrECt AnsWEr-The act of two or more parties coming together to agree to
the terms of a contract.
Fraud - CorrECt AnsWEr-An intentional misrepresentation resulting in harm to a person or
organization
Representation - CorrECt AnsWEr-A statement of alleged fact
Material fact - CorrECt AnsWEr-A fact that is significant to a decision or matter at hand
Rescission - CorrECt AnsWEr-A legal act of canceling something (like a contract) and making it
void
Unilateral mistake - CorrECt AnsWEr-A perception by one party to a contract that does not
agree with the facts
Bilateral mistake - CorrECt AnsWEr-A perception by both parties to a contract that does not
agree with the facts.
