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CPCU 530 Exam Review questions with correct answers
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CPCU 530 Exam Review questions with correct answers
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CPCU 530 Exam Review questions withcorrect answers
James wants to pursue a legal claim against his neighbor, but he does not know what kind of
dispute resolution procedure is the best choice for his situation. The dispute is over a
relatively small amount of money, so James does not want to spend a lot in pursuit of his
claim. James wants to be able to present his side of the story and his witnesses before a
neutral third party. James would be pleased if he and his neighbor could reach a
compromise, but, ideally, James wants to be able to walk away with a binding decision.
Assuming that James' neighbor will agree to participate in whatever procedure James
suggests, which one of the following dispute resolution procedures is the best choice for
James? - ANSWERS✔✔ arbitration
Kirk contracts with Ernest for five shipments of fresh produce at a specific price per
shipment due at the time of delivery. Kirk fails to ship the third shipment. The contract
between Kirk and Ernest is - ANSWERS✔✔ Divisible.
John contracts with Rex to purchase three steel braces by April 5. In the contract, they agree
that the amount of damages either of them would pay in the event of breach would be
$50,000. The $50,000 is the result of their good faith effort to estimate actual damages that
probably would result from a breach. These types of damages are known as - ANSWERS✔✔
Liquidated damages.
The Consumer Credit Protection Act prohibits discharge of employees resulting from
withholding from employee's wages due to - ANSWERS✔✔ Garnishment.
Ten-year-old Bart used money he took from his mother's purse to buy 20 baseball cards that
he traded for five baseball caps. If a court ruled that Bart had to return the baseball cards to
avoid the contract, the courts would be requiring - ANSWERS✔✔ Restitution.
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