10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
AIC 301 Study Guide Exam Questions and
Answers (Verified Answers) Most Recent exam
COMPLETE (2025) (Latest Update 2025) UPDATE!!
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Terms in this set (645)
a legally enforceable contract
agreement between 2 or
more parties
not all __________________ are agreements
legally binding contracts
1) agreement
2) capacity
6 elements of a legally 3) mutual assent
binding contract 4) consideration
5) legal purpose
6) form required by law
party making a promise promisor
party to whom a promise promisee
is made
the relationship that exists privity of contract
between 2 parties to a
contract
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,10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
a party cannot sue for privity
breach of contract without
being in ______________ of
contract with the other
party
a person who is not a third-party beneficiary
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
the failure without legal breach of contract
excuse, to fulfill a
contractual promise
must include an offer and agreement
its acceptance
party making the offer offeror
party who makes a offeree
promise or acts in return
for something offered by
another party
offers must include definite
_____________ terms and be
communicated to and
received by the offeree
if the offeree requests counteroffer
changes to conditions of
the offer
all parties must be mentally competent
______________ _________________ for
a contract to be legally
binding
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,10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
the act of 2 or more mutual assent
parties deliberately
negotiating all terms to
achieve consensus
something of value that is consideration
given in return for a
promise
a contract must serve a legal purpose
legal purpose to be
legally enforceable
contracts must be in a form required by law
proper, legally stipulated
form to be binding
1) sale of real estate
4 examples of contracts 2) agreements that can't be performed within 1 year
that have to be in writing 3) transactions > $500
4) agreements to pay a debt owed
a contract where each bilateral contract
party promises to perform
an act in exchange for an
act by the other party
a contract where one unilateral contract
party promises to pay for
the act of the other party
contract where nothing executed contract
more is required of either
party to be fulfilled
a contract that hasn't been executory contract
fully executed
contract where terms and express contract
intentions are clearly
stated
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 3/86
, 10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
contract where terms and implied contract
intentions are indicated by
the actions of the parties
to the contract and the
surrounding
circumstances
parties presumably implied-in-fact contracts
intended, either by tacit
understanding or by the
assumption that it already
existed
an obligation that is not an implied-in-law contracts
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
sometimes called "quasi- implied-in-law contracts
contracts"
a contract that one of the voidable contract
parties can reject (avoid)
based on some
circumstances regarding
its execution
the _______________ of one of behavior
the contracting parties
can make a contract
voidable
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 4/86
AIC 301 Study Guide Exam Questions and
Answers (Verified Answers) Most Recent exam
COMPLETE (2025) (Latest Update 2025) UPDATE!!
Save
Terms in this set (645)
a legally enforceable contract
agreement between 2 or
more parties
not all __________________ are agreements
legally binding contracts
1) agreement
2) capacity
6 elements of a legally 3) mutual assent
binding contract 4) consideration
5) legal purpose
6) form required by law
party making a promise promisor
party to whom a promise promisee
is made
the relationship that exists privity of contract
between 2 parties to a
contract
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 1/86
,10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
a party cannot sue for privity
breach of contract without
being in ______________ of
contract with the other
party
a person who is not a third-party beneficiary
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
the failure without legal breach of contract
excuse, to fulfill a
contractual promise
must include an offer and agreement
its acceptance
party making the offer offeror
party who makes a offeree
promise or acts in return
for something offered by
another party
offers must include definite
_____________ terms and be
communicated to and
received by the offeree
if the offeree requests counteroffer
changes to conditions of
the offer
all parties must be mentally competent
______________ _________________ for
a contract to be legally
binding
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 2/86
,10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
the act of 2 or more mutual assent
parties deliberately
negotiating all terms to
achieve consensus
something of value that is consideration
given in return for a
promise
a contract must serve a legal purpose
legal purpose to be
legally enforceable
contracts must be in a form required by law
proper, legally stipulated
form to be binding
1) sale of real estate
4 examples of contracts 2) agreements that can't be performed within 1 year
that have to be in writing 3) transactions > $500
4) agreements to pay a debt owed
a contract where each bilateral contract
party promises to perform
an act in exchange for an
act by the other party
a contract where one unilateral contract
party promises to pay for
the act of the other party
contract where nothing executed contract
more is required of either
party to be fulfilled
a contract that hasn't been executory contract
fully executed
contract where terms and express contract
intentions are clearly
stated
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 3/86
, 10/24/25, 9:41 AM AIC 301 Study Guide Exam Questions and Answers (Verified Answers) Most Recent exam COMPLETE (2025) (Latest Update 20…
contract where terms and implied contract
intentions are indicated by
the actions of the parties
to the contract and the
surrounding
circumstances
parties presumably implied-in-fact contracts
intended, either by tacit
understanding or by the
assumption that it already
existed
an obligation that is not an implied-in-law contracts
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
sometimes called "quasi- implied-in-law contracts
contracts"
a contract that one of the voidable contract
parties can reject (avoid)
based on some
circumstances regarding
its execution
the _______________ of one of behavior
the contracting parties
can make a contract
voidable
https://quizlet.com/1097868636/aic-301-study-guide-exam-questions-and-answers-verified-answers-most-recent-exam-complete-2025-latest-update-… 4/86
