AIC 301 - Test Prep Questions And Answers.AIC 301 - Test Prep Questions And Answers.AIC 301 - Test Prep Questions And Answers.AIC 301 - Test Prep Questions And Answers.AIC 301 - Test PreAIC 301 - Test Prep Questions And Answers.p Questions And Answers.
Which one of the following statements correctly expresses a
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distinction between waiver and estoppel?
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A. Only waiver prevents an insurer from reviving a defense it has
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forfeited earlier.
hi hi
B. The parol evidence rule applies to estoppel, but not to waiver.
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C. Estoppel is contractual in nature, but waiver is equitable in
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nature.
hi
D. Estoppel requires resulting injury or detriment by the party
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asserting it. - (correct answer) -D. Estoppel requires resulting
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injury or detriment by the party asserting it.
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Allison sued George for breach of contract and the term
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"contractual consideration" was at issue. In court, the term would
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be given its
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Select one: hi
A. Legal meaning.
hi hi
B. Technical meaning.
hi hi
C. Dictionary definition.
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D. Common usage meaning. - (correct answer) -A. Legal meaning.
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Paul and Jerry were both six years old when they entered a
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neighbor's home and used baseball bats to smash and break
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household items. When establishing liability for Paul's and Jerry's
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actions, the court will most likely primarily consider
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Select one: hi
A. Their vicarious liability as children.
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B. It as a mass tort action.
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, C. It to be liability by conspiracy.
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D. The tortfeasors' capacity. - (correct answer) -D. The tortfeasors
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capacity.
hi
Andrew promised Katy he would roof her house on October 30. On
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October 15, Andrew told Katy he could not find the correct
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shingles and stated he was probably going to be too busy to do
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the job. Andrew has
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Select one: hi
A. Not repudiated the contract.
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B. Rescinded the contract.
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C. Breached the contract.
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D. Voided the contract. - (correct answer) -A. Not repudiated the
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contract.
hi
The City of Denbar contracts with Water Company to maintain
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adequate water pressure in its fire hydrants. Bob's home in
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Denbar catches fire and cannot be saved due to inadequate water
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pressure. What rights does Bob have under Denbar's contract
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with Water Company?
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Select one: hi
A. None, because the contract is with Denbar and Bob is not a
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named beneficiary.
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B. Bob has enforceable rights under the contract that Denbar
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negotiated on behalf of its citizens.
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C. Bob is a third-party beneficiary to the contract with fully
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enforceable rights.
hi hi
D. None, because Bob is an incidental beneficiary with no
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enforceable rights. - (correct answer) -D. None, because Bob is an
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incidental beneficiary with no enforceable rights.
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Even though an assignor has not yet advised an obligor of an
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assignment, a valid assignment is effective
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Select one: hi
A. Immediately. hi
B. When initially communicated to the assignee.
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C. Only if the assignment is in writing.
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