AIC 301 TEST PREP QUESTIONS WITH COMPLETE SOLUTIONS
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Course
AIC 301
Institution
AIC 301
AIC 301 TEST PREP QUESTIONS WITH COMPLETE SOLUTIONS
Betty sold her small bookstore to Kate and orally formed a three year not-to-compete agreement. Two years after the sale, Betty opened a coffee shop with a small bookstore across town from Kate. Kate sued Betty because of the not-to-compete ag...
AIC 301 TEST PREP QUESTIONS WITH
COMPLETE SOLUTIONS
Betty sold her small bookstore to Kate and orally formed a three year not-to-compete
agreement. Two years after the sale, Betty opened a coffee shop with a small bookstore
across town from Kate. Kate sued Betty because of the not-to-compete agreement.
Their agreement would
Select one:
A. Be enforceable because Betty is competing with Kate prior to the end of the three
year not-to-compete contract.
B. Not be enforceable because the period exceeds one year.
C. Be enforceable because Betty's new business includes a book shop which is
prohibited under the not-to compete agreement.
D. Not be enforceable because the coffee shop substantially changed the business and
the not-to-compete agreement would not apply. - Answer-B. Not be enforceable
because the period exceeds one year.
Some contracts are voidable, and some agreements are void because they are not
contracts. When a contract is voidable, the right of avoidance is available only to
Select one:
A. The offeree of the contract.
B. An innocent or injured party.
C. Parties in privity of the contract.
D. The offeror of the contract. - Answer-B. An innocent or injured party.
Lucy rented an apartment to Daniel. The wiring in Daniel's apartment was faulty, and
certain light switches, if operated with wet hands, could give off nasty electric shocks.
Lucy knew about this condition, but did not tell Daniel about the light switches. Daniel
suffered minor burns from a light switch. Which one of the following correctly identifies
whether Lucy is liable for Daniel's injuries, at common law and under today's law?
Select one:
A. Not liable at common law, not liable under today's law
B. Liable at common law, liable under today's law
C. Not liable at common law, liable under today's law
D. Liable at common law, not liable under today's law - Answer-C. Not liable at common
law, liable under today's law
Elida organized a canoe race and contracted with Xavier to supply the canoes the
morning of the race. When Xavier failed to deliver the canoes when promised, Elida was
required to refund entry fees to the ten participants in the race. This loss of the entry fee
money is an example of which one of the following types of damages?
Select one:
A. General damages
B. Consequential damages
C. Compensatory damages
D. Punitive damages - Answer-B. Consequential damages
Which one of the following is the best explanation for why an insurer would ask an
insured to sign a nonwaiver agreement?
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