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AIC 301 - FINAL EXAM QUESTIONS AND ANSWERS 2024
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AIC 301 - FINAL EXAM QUESTIONS AND ANSWERS 2024
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AIC 301 - FINAL EXAM 2024ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Carla is an attorney in the legal department for an insurer. She is drafting a
document that details types of coverage sought, object or premises to be insured,
the amount of insurance, the insured's name, and the duration of coverage. Carla is
drafting a(n)
Select one:
A. Lawful objective.
B. Genuine assent.
C. Agreement to insure.
D. Offer to insure. - ANSWERS-C. Agreement to insure.
QUESTION 2
While driving, Karl's foot slips off the brake and his car rolls into the back of
Sunny's vehicle. No one is hurt, but the accident caused a large dent in the back
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, AIC 301 - FINAL EXAM 2024
bumper of Sunny's vehicle. For which one of the following types of damages is
Sunny eligible?
Select one:
A. General damages
B. Special damages
C. Incidental damages
D. Bad-faith damages - ANSWERS-B. Special damages
QUESTION 3
In contract cases involving breach of duty of good faith, which one of the
following types of damages might a court impose in addition to actual damages?
Select one:
A. Compensatory
B. Extracontractual
C. Consequential
D. Mitigation - ANSWERS-B. Extracontractual. A court might impose
extracontractual damages, a payment awarded by a court that exceeds the usual
contract damages for a breach of contract involving bad faith. Mitigation of
damages is a duty owed by an injured party to a claim to take reasonable measures
to minimize or avoid additional injury or loss caused by the defendant.
Consequential damages are a payment awarded by a court to indemnify an injured
party for losses that result indirectly from a wrong such as a breach of contract or a
tort. Compensatory damages are a payment awarded by a court to indemnify a
victim for actual harm.
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, AIC 301 - FINAL EXAM 2024
QUESTION 4
Which one of the following contractual rights are assignable without the obligor's
consent?
Select one:
A. Damages for personal injury
B. Personal rights and duties
C. Contract restrictions
D. A right to collect a debt - ANSWERS-D. A right to collect a debt
QUESTION 5
Which one of the following parties is the holder of the warehouse receipt in a
typical storage bailment?
Select one:
A. Warehouse operator
B. Carrier
C. Bailor
D. Bailee - ANSWERS-C. Bailor
QUESTION 6
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