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IF1 - Chapter 3 questions with complete solutions
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IF1 - Chapter 3 questions with complete solutions
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IF1 - Chapter 3 questions with completesolutions
What is contractual law? - correct answer ✔✔An agreement enforced by law between two or more
people giving the instructions on what to do
What are simple contracts? - correct answer ✔✔Do not need to be in writing
What is unconditional acceptance? - correct answer ✔✔Final and unqualified agreement to the offer
What is conditional acceptance? - correct answer ✔✔When a counter offer is made by the subject
asking for a offer
What must an insurer do to cancel a contract - correct answer ✔✔Send a letter of cancellation
What is fulfillment ? - correct answer ✔✔Total loss of the subject matter
What is a voidable contract? - correct answer ✔✔Where the insured is in breach of the policy conditions
- the insurer has the right to terminate
Agency? - correct answer ✔✔One who is authorized by a principal to bring that principal into a
contractual relationship with another, third party.
What is agency by consent? - correct answer ✔✔Legally enforcable agreement between parties by
express appointment - terms are written down and a TOBA is issued
What is agency by necessity? - correct answer ✔✔When a person is entrusted with someone else's
goods and it become necessary for them to act to maintain these goods.
What is agency by ratification? - correct answer ✔✔When a agent acts without authority - but the
principle later accepts this on their behalf
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