FSE 2930 Professional review business law exam with complete solutions
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Course
FSE 2930
Institution
FSE 2930
co-insurance
A clause in an insurance policy under which the insured agrees to maintain insurance equal to some specified percentage of the property value or otherwise to assume a portion of any loss
any time prior to acceptance
When may an offer be revoked
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FSE 2930 Professional review business
law exam with complete solutions
co-insurance - ANSWER- A clause in an insurance policy under which the insured
agrees to maintain insurance equal to some specified percentage of the property
value or otherwise to assume a portion of any loss
any time prior to acceptance - ANSWER- When may an offer be revoked
Voidable, minor can cancel it - ANSWER- If an adult makes a contract with a
minor for necessaries, what is the status of the contract?
past consideration, illusory promises] - ANSWER- What are 3 invalid reasons for
consideration of a contract?
Duress - ANSWER- obtaining consent by means of a threat
Undue Influence - ANSWER- A contract to loan money at a higher rate of interest
than the law allows
novation - ANSWER- The process of terminating a contract and substituting a
new one with the same terms but a new party
Assignment - ANSWER- Conveyance of rights in a contract to a person not a
party to the contract
deductible clause - ANSWER- Insurance policy provision that makes the insurer
liable only for losses in excess of the stated deductible
assignor - ANSWER- the person making an assignment
assignee - ANSWER- the person to whom a right or liability is legally transferred
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