Express contracts - Study guides, Class notes & Summaries

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Classifying contracts: Express & Implied  Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral  Bilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory  Executed - All tasks performed (After closing) Executory - tasks remaining to be done (before closing) 2 0 2 4 /2...

Classifying contracts: Express & Implied - ANSWERSExpress: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - ANSWERSBilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - ANSWERSExecuted - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

CON 2370 Exam Practice Questions and Answers Latest Update 2023/2024 | 100% Verified. You should use SAP when - correct answers The estimated value of the requirement is equal to or less than the SAT You have a requirement to purchase military transport vehicles that can travel over rough terrain. Market research has shown that there are no commercially developed or Government developed items that satisfy the terrain requirements. This type of item is a: - correct answers Developmental ite...

According to your PowerPoint Lecture, which of the following is accurate regarding contracts? A) they are an exchange of promises B) they must be in writing C) they must be formal Correct answer-A A contract in which contains one promise conditioned on an act (Hint: Pat promises to pay $1,000 to Alex upon performance i.e. meeting a sales goal)? A) bilateral contract B) unilateral contract Correct answer-B What type of contract may arise from the conduct of the parties rather than ...

LEB 320F Unit 1 - Quiz Questions with Verified Answers What is "contract performance"? Contract performance refers to the fulfillment of the terms and conditions agreed upon in a contract by all parties involved. Define "agreement" in the context of contract formation. An agreement is a mutual understanding and consent between parties regarding the terms of a contract, which includes an offer and acceptance. What does "enforceable contract" mean? An enforceable contra...

Kentucky Life Insurance Exam Questions With All Correct Answers Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...

Six Elements of a Valid Contract - * Offer * Acceptance * Consideration * Legal * Capacity * Intent All contracts are either - Bilateral or unilateral Bilateral contract - a promise for a promise Unilateral contract is: - a promise for an act Express contract is: - K where mutual assent of parties is verbal or written Implied contract - K established based on conduct of parties Quasi contract - No K, but courts act as matter of equity to prevent injustice formal contract - K written/...

con 237 DAU| 142 questions| with answers 2023 You have a requirement for eight units of a non-commercial item. Each item is estimated to cost $35,000. The Director of Training for the installation has a request to purchase 25 televisions and 25 DVD recorders for the new training facility that will open next month. Each television will cost approximately $525, and each DVD recorder about $150 Simplified acquisition procedures can be used The preferred type of item to satisfy agency needs...