Exam (elaborations)
CNST 2341 - Final Exam Concepts (1)
CNST 2341 - Final Exam Concepts (1)
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Indemnify Law and Legal Definition - ✅✅ -To indemnify means toreimburse another for a loss suffered because of a third party's or one's
own act or default. It can also refer to a promise to reimburse another for
such a loss or to give another security against such a loss. The right to
indemnity and the duty to indemnify commonly comes from a contractual
agreement, which generally protects against liability, loss, or damage.
patent defect - ✅✅ -an obvious flaw in a product or a document (such
as leaving out the property description in a deed).
Sole Proprietorship - ✅✅-A business owned by one person
Partnership - ✅✅ -A business in which two or more persons combine
their assets and skills
Corporation - ✅✅ -are independent, legal, business entities. Once
incorporated, the company must hold formal meetings for all major
decisions regarding company matters. unlike sole proprietorships and
partnerships, stockholders of a corporation are not personally liable for
company losses
Limited Liability Company (LLC) - ✅✅ -are a hybrid type of business
entity that has limited liability of individual owners similar to a corporation
and tax and operational benefits similar to sole propertiorships and
partnerships
, Joint Ventures -✅✅ -an agreement between two or more individuals or
companies formed to complete a single business enterprise
Insurance and Bonds - ✅✅ -are used to protect owners and/or
contractors against risks. With insurance policies, the insurance
company is responsible for the cost of the claim. In a bond, the bonding
company fulfills the the contractor's obligation for payment but holds the
contractor responsible for the cost of the claim.
Insurance and Bond Difference - ✅✅ -Another important difference is
who being protected. With insurance, the party purchasing the policy is
being protected. However, with a bond, the contractor is paying to
protector another party (owner)
Worker's Compensation - ✅✅ -a type of insurance that compensates a
work for a portion of their lost wages and medical expenses for injuries
that occurred at work. In exchange for this benefit, employees forgo their
right to sue their employer for tort
EMR (experience modification rate) - ✅✅ -is a multiplier that adjusts
the premium based on their past work record
Builder's Risk -✅✅ -an insurance that builders' purchase that protects
them from building damage that occurs while under construction
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