AIC 301 QUESTIONS AND ASNWERS YEAR 2025.
Contract - ✅✅A legally enforceable agreement between two or more parties.
Promisor - ✅✅The party to a contract making a promise.
Promisee - ✅✅The party to a contract to whom a promise is made.
Privity of Contract - ✅✅The relationship that exists between the parties to a contract.
Third-Party Beneficiary - ✅✅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.
Breach of Contract - ✅✅The failure, without legal excuse, to fulfill a contractual
promise.
Offeror - ✅✅The party to a contract who promises to give something in return for a
promise or an act by another party.
Offeree - ✅✅The party to a contract who makes a promise or acts in return for
something offered by another party.
Uniform Commercial Code - ✅✅A code of laws that govern commercial transactions
in the United States.
Bilateral Contract - ✅✅A contract in which each party promises a performance.
Unilateral Contract - ✅✅A contract in which only one party makes a promise or
undertakes the requested performance.
Executed Contract - ✅✅A contract that has been completely performed by both
parties.
Executory Contract - ✅✅A contract that has not been completely performed by one or
both of the parties.
Express Contract - ✅✅A contract whose terms and intentions are explicitly stated.
Implied Contract - ✅✅A contract whose terms and intentions are indicated by the
actions of the parties to the contract and the surrounding circumstances.
Contract - ✅✅A legally enforceable agreement between two or more parties.
Promisor - ✅✅The party to a contract making a promise.
Promisee - ✅✅The party to a contract to whom a promise is made.
Privity of Contract - ✅✅The relationship that exists between the parties to a contract.
Third-Party Beneficiary - ✅✅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.
Breach of Contract - ✅✅The failure, without legal excuse, to fulfill a contractual
promise.
Offeror - ✅✅The party to a contract who promises to give something in return for a
promise or an act by another party.
Offeree - ✅✅The party to a contract who makes a promise or acts in return for
something offered by another party.
Uniform Commercial Code - ✅✅A code of laws that govern commercial transactions
in the United States.
Bilateral Contract - ✅✅A contract in which each party promises a performance.
Unilateral Contract - ✅✅A contract in which only one party makes a promise or
undertakes the requested performance.
Executed Contract - ✅✅A contract that has been completely performed by both
parties.
Executory Contract - ✅✅A contract that has not been completely performed by one or
both of the parties.
Express Contract - ✅✅A contract whose terms and intentions are explicitly stated.
Implied Contract - ✅✅A contract whose terms and intentions are indicated by the
actions of the parties to the contract and the surrounding circumstances.
