Exam (elaborations)
AIC 301 Quiz Test Study Questions and Answers
- Course
- Institution
AIC 301 Quiz Test Study Questions and Answers
[Show more]
Content preview
AIC 301 Quiz/Test StudyMarket Share Liability - Answer -Applies when a product that has harmed a consumer cannot be traced to a single manufacturer. They are liable unless they can prove they could not have made the product involved.
A Defense to Fraud - Answer -The defendant must make the representation with the intent to influence the other party's action. If the defendant did not intend to deceive, there is no proof of fraud.
Community Property - Answer -Under the community property concept two types of property can belong to a spouse - separate property as well as community property. Separate property is the respective spouse's sole property and it is free from the other spouse's interest or control.
Parole Evidence Rule (PER) - Answer -The parole evidence rule provides that oral evidence of agreements preceding or accompanying a written insurance policy cannot be used to prove a waiver. Thus, the agent's oral statements made at this time would not be admitted into evidence and thus would be ineffective as a waiver.
A provision that prevents the terms of a contract from being modified by evidence of oral or other agreements after the contract has been written.
Defenses to Tort Fraud - Answer -The statement was not false
The statement did not relate to a material fact The defendant did not know the statement was false
The defendant did not intend to deceive The plaintiff did not rely on the statements The plaintiff suffered no harm or or loss because of relying on the statement A Constructive Eviction - Answer -Actions or inactions of a landlord that create conditions that prevent a tenant from enjoying a substantial or integral part of the premise constitute a constructive eviction.
Repudiation of a Contract - Answer -repudiation of a contract is the refusal to meet obligations under the contract, but it must be positive and unequivocal to constitute a breach. A statement of inability to perform in the future is not repudiation. A person cannot sue for breach of contract until due date and person has failed to complete the job.
Frustration of Purpose - Answer -A rental contract is useless to a person since the original purpose for the rental was frustrated because the celebrity was not there. Frustration of purpose can discharge a contract that is possible to perform, when a supervening event destroys the propose or value of the contract, provided that both parties are aware of that purpose or value.
Direct Action Statutes
Garnishment - Answer -Third parties are generally not allowed to sue insurers of negligent parties who injure them or damage their property. Some states have enacted direct action statutes permitting third party sue insurer directly or both insurer and insured/wrongdoer/tortfeasor directly If insured denies claim payments after judgement, some states allow third party to sue the insurer directly in a statutory action called garnishment.
Consequential Damages - Answer -The loss of the entry fee money is an example of consequential damages. Consequential damages are awarded by court to indemnify injured parties for losses that result indirectly from a wrong, such as a breach of contract as in this situation.
Enterprise/Industry-Wide Liability
Alternative Liability
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller rosesteva. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now