AIC 301 EXPANDING YOUR CLAIMS PERSPECTIVE CERTIFICATION EVALUATION EXAMS SET SOLVED QUESTIONS AND VERIFIED DETAILED ANSWERS

AIC 301 EXPANDING YOUR CLAIMS
PERSPECTIVE CERTIFICATION
EVALUATION EXAMS SET SOLVED
QUESTIONS AND VERIFIED DETAILED
ANSWERS

⩥ Unilateral Contract.
Answer: A contract in which only one party makes a promise or
undertakes the requested performance.


⩥ Promisor.
Answer: The party to a contract making a promise


⩥ Promisee.
Answer: The party to a contract to whom a promise is made.


⩥ Privity of contract.
Answer: The relationship that exists between the parties to a contract.


⩥ Third-party beneficiary.

, 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.


⩥ Uniform Commercial Code.
Answer: A code of federal laws that govern commercial transactions in
the United States.


⩥ Express contract.
Answer: A contract whose terms and intentions are explicitly stated.


⩥ Implied contract.
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.
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.
Answer: An obligation that is not an actual contract but that is imposed
by law because of the parties' conduct or some special relationship