AIC 301 Exam Correctly Answered Latest Update

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AIC 301 Exam | Q&A Latest 2025/2026 | 100% PASS What are the elements of a legally binding contract? - Answer -To be legally binding, contracts must: • Contain an agreement between all parties • Involve parties with the legal capacity to contract • Contain mutual assent • Involve consideration • Have a legal purpose • Be in the form prescribed by law What are the similarities and differences between bilateral and unilateral contracts? - Answer -In bilateral contracts, each party promises to perform an act in exchange for the act of the other party. In a unilateral contract, one party promises to pay for an act of the other party. If the act isn't performed, no payment is required What are the similarities and differences between voidable and void contracts? - Answer -A voidable contract is a valid contract that can continue in force, and the parties can execute it completely unless an innocent or injured party chooses to avoid it. The behavior of one of the contracting parties, such as an act of fraud or illegal deceit, can also make a contract voidable. A void contract is an agreement that never met the necessary criteria to be considered a contract