Exam (elaborations)
AIC 301 QUIZ TEST STUDY QUESTIONS AND ANSWERS
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- ACCOUNTING
AIC 301 QUIZ TEST STUDY QUESTIONS AND ANSWERS
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AIC 301 QUIZ TEST STUDYQUESTIONS AND ANSWERS
Market Share Liability - CORRECT ANSWER-Applies when a
product that has harmed a consumer cannot be traced to a
single manufacturer. They are liable unless they can prove they
could not have made the product involved.
A Defense to Fraud - CORRECT ANSWER-The defendant
must make the representation with the intent to influence the
other party's action. If the defendant did not intend to deceive,
there is no proof of fraud.
Community Property - CORRECT ANSWER-Under the
community property concept two types of property can belong
to a spouse - separate property as well as community property.
Separate property is the respective spouse's sole property and
it is free from the other spouse's interest or control.
Parole Evidence Rule (PER) - CORRECT ANSWER-The
parole evidence rule provides that oral evidence of agreements
preceding or accompanying a written insurance policy cannot
be used to prove a waiver. Thus, the agent's oral statements
made at this time would not be admitted into evidence and thus
would be ineffective as a waiver.
A provision that prevents the terms of a contract from being
modified by evidence of oral or other agreements after the
contract has been written.
Defenses to Tort Fraud - CORRECT ANSWER-The statement
was not false
The statement did not relate to a material fact
, The defendant did not know the statement was false
The defendant did not intend to deceive
The plaintiff did not rely on the statements
The plaintiff suffered no harm or or loss because of relying on
the statement
A Constructive Eviction - CORRECT ANSWER-Actions or
inactions of a landlord that create conditions that prevent a
tenant from enjoying a substantial or integral part of the
premise constitute a constructive eviction.
Repudiation of a Contract - CORRECT ANSWER-repudiation
of a contract is the refusal to meet obligations under the
contract, but it must be positive and unequivocal to constitute a
breach. A statement of inability to perform in the future is not
repudiation. A person cannot sue for breach of contract until
due date and person has failed to complete the job.
Frustration of Purpose - CORRECT ANSWER-A rental contract
is useless to a person since the original purpose for the rental
was frustrated because the celebrity was not there. Frustration
of purpose can discharge a contract that is possible to perform,
when a supervening event destroys the propose or value of the
contract, provided that both parties are aware of that purpose
or value.
Direct Action Statutes
Garnishment - CORRECT ANSWER-Third parties are generally
not allowed to sue insurers of negligent parties who injure them
or damage their property. Some states have enacted direct
action statutes permitting third party sue insurer directly or both
insurer and insured/wrongdoer/tortfeasor directly
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