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Contract Law exam guide questions and answers 2024 GRADED A+
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Contract Law exam guide questions and answers 2024 GRADED A+
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Contract Law exam guide questions andanswers 2024 GRADED A+
Contract Law - correct answer ✅Contract law, which governs the issuance of
insurance policies, is concerned with the obligations agreed upon between parties
and stipulated in a contract. Contract law ensures that a contract is legally valid
and that the legal obligations of the contract are carried out.
For a contract to be legally enforceable in court, there must have been an
exchange of value (consideration), mutual agreement of the parties (offer and
acceptance) and a legal purpose. Parties to the contract must also have the legal
capacity to enter into such contract. Further, under the doctrine of 'Adhesion', any
ambiguous language int eh contract is always construed against the insurer, since
they wrote it.
Tort law, on the other had, is concerned with the obligations people have that are
imposed upon them by common law. Tort law provides for compensating an
individual for losses resulting from the conduct of others that is considered
socially unreasonable. A 'tort' is defined as civil injury or wrong to others, such as
negligence, which is the failure to act as a reasonable person
The Uniform Commercial Code (UCC) - correct answer ✅originally drafted by the
National Conference of Commissioners on Uniform State Law, it governs
commercial transactions and has been adopted by all states, entirely or in party
Article ! - correct answer ✅General Provisions , such as definitions that apply to
entire UCC.
, Contract Law exam guide questions and
answers 2024 GRADED A+
Article 2 - correct answer ✅Deal with the sales of goods.
Article 2A - correct answer ✅Leases (new)
Article 3 - correct answer ✅Commercial paper
Article 4 - correct answer ✅Bank Deposits and collections
Article 5 - correct answer ✅Letters of Credits
Article 6 - correct answer ✅Bulk Transfer
Article 7 - correct answer ✅Wharehouse receipts,Bill of lading, and others
documents of title.
Article 8 - correct answer ✅Investment Securities
Article 9 - correct answer ✅Secured transactions
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