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BUL 4421 Exam with Quality Solutions
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  • BUL 4421

Contract- A promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. A legally binding contract requires what four elements? - Agreement Consideration Capacity Legal object Covenant of Quiet Enjoyment- ...

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  • February 12, 2025
  • 16
  • 2024/2025
  • Exam (elaborations)
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BUL 4421 Exam with Quality Solutions
Contract- ✅✅ A promise or set of promises for the breach of which the law
gives a remedy or the performance of which the law in some way recognizes a
duty.

A legally binding contract requires what four elements? - ✅✅
Agreement
Consideration
Capacity
Legal object

Covenant of Quiet Enjoyment- ✅✅ Landlord promises that he/she will not
interfere with the tenant's use and enjoyment of the property.


If a tenant moves out of leased premises before the end of the term, has no intent to
return, and has defaulted on rent payments, the tenant is essentially making an
offer of surrender to the landlord. This tenant behavior is known as? - ✅✅
abandonment


Nature of the insurance relationship: - ✅✅
-Insured party: the party who pays the premium
-Beneficiary: the person named to receive the insurance proceeds in the event of
injury or damage
-Insurer: the party who receives payments from the insured party and pays the
beneficiary. Sometimes called the underwriter.
-Premium: An insurance payment
-Policy: The document that expresses the agreement between the insured and the
insurer


Moral hazard- ✅✅
-Suggests that individuals who are insulated from risk sometimes behave
differently

,-E.g. if person has car insurance he/she may be careless with regard to locking the
car because the insurance company covers the risk of theft

Risk - ✅✅ the potential for loss

Risk Management - ✅✅ the transfer and distribution of risk

Effective date- ✅✅
The date the insurance policy becomes effective


Binder- ✅✅ One page document that reflects the insurance company's
commitment to provide insurance and serves as temporary proof of insurance until
the policy is issued.


Incontestability Clause- ✅✅ Ensures insurance company cannot contest
statements made in insurance application after certain period of time


Antilapse Clause- ✅✅ Provides a grace period for the insured to pay the
premium


Appraisal clause- ✅✅ Allows the insured party and the insurer to select a
disinterested appraiser for a second opinion on damages


Arbitration clause- ✅✅ Provides that disputes must be submitted to arbitration


Types of insurance- ✅✅
-Individual insurance - purchased by the insured party
-Group insurance — purchased by a party that is neither the insured party nor the
insurer
-Personal insurance - covers an individual's life or health
-Commercial insurance - covers business interests
-Casualty insurance - protects a person from accidental injury

, Liability insurance- ✅✅ Protects your business from tort liability to third parties


Commercial General Liability Policy- ✅✅ Protects business against broad range
of risks


Product Liability Insurance- ✅✅ Covers the cost of recalling and replacing
products


Professional Liability Insurance- ✅✅ Protects professionals from suits by third
parties who claim that the professional was negligent in his or her job performance


Whole-life insurance- ✅✅ Provides protection for the entire life of the insured;
has a cash-surrender value


Term-life insurance- ✅✅ Provides coverage for a specified term. A beneficiary
is paid only if the insured dies during this term.

Agreement- ✅✅ Consists of an offer by one party, called the offeror, to enter
into a contract and an acceptance of the terms of the offer by the other party, called
the offeree.

Offeror - ✅✅ party who makes the offer

Offeree - ✅✅ party to whom the offer is made

Consideration- ✅✅ The bargained-for exchange or what each party gets in
exchange for his or her promise under the contract.
- What a legal entity receives in return for performing a contract obligation

Contractual capacity- ✅✅The legal ability to enter into a binding agreement

Bilateral contract- ✅✅ A promise in exchange for a promise. As soon as the
promises exchanged, a contract is formed and the parties' legal obligations arise

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