AIC 301 2024 ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS
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Course
AIC 301
Institution
AIC 301
AIC 301 2024 ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS
Flynn wants to know what a document of title is. How is it defined under UCC 6-201 (b) (16)? - Answer-UCC 2-201 (b) (16) defines a document of title as a bill of lading, dock warrant, dock receipt, warehouse receipt, order for the ...
AIC 301 2024 ACTUAL EXAM
QUESTIONS WITH CORRECT
DETAILED ANSWERS
Flynn wants to know what a document of title is. How is it defined under UCC 6-201 (b)
(16)? - Answer-UCC 2-201 (b) (16) defines a document of title as a bill of lading, dock
warrant, dock receipt, warehouse receipt, order for the delivery of goods, or any other
document that, in the regular course of business or financing, adequately proves that the
possessor is entitled to receive, hold, and dispose of the document and the goods it
covers.
John has received a warehouse receipt for his goods. What information should be
included on this receipt? - Answer-The warehouse operator would have provided John
with a receipt that describes the amount, type, and condition of the goods and the
conditions of storage
What are the two types of bills of lading that are used most frequently? - Answer-The
two types of bills of lading that are used most frequently are the straight bill of lading
and the order bill of lading
What is the purpose of the Federal Trade Commission Act (FTC Act)? - Answer-The
FTC Act prohibits unfair methods of competition and unfair or deceptive acts or
practices that restrict interstate commerce
Maurice lives in a state that doesn't have its own insurance-related antitrust legislation
and worries about the resulting lack of regulation of his insurer. How can his insurer
reassure him? - Answer-Maurice's insurer can reassure him by explaining that, while the
FTC Act does not apply to the insurance industry, if a state doesn't have antitrust
legislation that applies to insurance, federal antitrust laws will apply. Even if states do
regulate insurance antitrust matters, federal antitrust laws can also apply to insurance
practices involving boycott, coercion, or intimidation
After purchasing an insurance policy, Maria learns that her producer misrepresented
what was covered by it. What recourse does Maria have against the insurer? - Answer-
State laws vary, but generally, they prohibit unfair acts (oppressive or bad-faith
conduct), deceptive acts (fraud, deceit, and misrepresentation), and unfair methods of
competition (including antitrust violations such as price fixing and group boycotts).
Misrepresentation and false advertising of policies are among the unfair and deceptive
insurance-related acts prohibited by states.
What is the purpose of the Truth in Lending Act? - Answer-In 1968, Congress passed
the Consumer Credit Protection Act (Truth in Lending Act) to ensure that consumers
knew the terms and interest rates of their credit transactions
What are the four essential elements of negligence? - Answer-These are the four
essential elements of negligence:
, • The defendant owed a legal duty of care to the plaintiff.
The defendant breached the duty of care owed to the plaintiff. • The defendant's
negligent act was the proximate cause of the plaintiff's injury or damage.
• The plaintiff suffered actual injury or damage.
What U.S. constitutional limitations apply to agency investigations? - Answer-The U.S.
Constitution places these limitations on agency investigations:
• Fourth Amendment protection against unreasonable searches and seizures
• Fifth Amendment protection against self-incrimination
What requirements must be met before a court will conduct a judicial review of an
administrative agency decision? - Answer-Before a court will conduct a judicial review of
an administrative agency decision, these requirements must be met:
• The plaintiff must have standing to sue.
• The agency must have issued a final order in the case.
• A party must have exhausted all possible administrative procedures and appeals
What are the similarities and differences between bilateral and unilateral contracts? -
Answer-In bilateral contracts, each party promises to perform an act in exchange for the
act of the other party. In a unilateral contract, one party promises to pay for an act of the
other204 party. If the act isn't performed, no payment is required
What are the similarities and differences between voidable and void contracts? -
Answer-A voidable contract is a valid contract that can continue in force, and the parties
can execute it completely unless an innocent or injured party chooses to avoid it. The
behavior of one of the contracting parties, such as an act of fraud or illegal deceit, can
also make a contract voidable. A void contract is an agreement that never met the
necessary criteria to be considered a contract
What are the two remedies available to the plaintiff if fraud is proved in a given case? -
Answer-If fraud is proved, the plaintiff can seek one of two remedies: •
Rescission—If the court rescinds the contract, the plaintiff has no further duties under itand is
entitled to reimbursement of all payments made to the defendant. The plaintiff also must return
anything of value received under the contract. The court's goal is to restore the parties to the
condition they were in before they entered the contract
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