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AIC 301 Quiz Test Study questions with correct answers.
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AIC 301 Quiz Test Study questions with correct answers.
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AIC 301 Quiz Test Study questions withcorrect answers
Market |Share |Liability |- |correct |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |answers✔✔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 |
If |insured |denies |claim |payments |after |judgement, |some |states |allow |third |party |to
|sue |the |insurer |directly |in |a |statutory |action |called |garnishment.
Consequential |Damages |- |correct |answers✔✔The |loss |of |the |entry |fee |money |is |an
|example |of |consequential |damages. |Consequential |damages |are |awarded |by |court |to
|indemnify |injured |parties |for |losses |that |result |indirectly |from |a |wrong, |such |as |a
|breach |of |contract |as |in |this |situation.
Enterprise/Industry-Wide |Liability
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