Consequential damages Study guides, Class notes & Summaries

what is strict performance? - recquires one party to fufill obligation and there is no deviation from the contract; obligation must be expressly demanded within the contract & the demand must be reasonable what is substantial performance? - 1 party fulfills enough of the contract to obtain a warrant of payment what results from a failed substantial performance? - the party that fails to perform will receive nothing in the contract itself & will recover only the value of the work (if any) ...

Law of Large Numbers - Answer-The larger the number of people with a similar exposure to loss, the more predictable actual losses will be. Insurance - Answer-Transfers the risk of loss from an individual or business entity to an insurance company The three elements of insurable risk are - Answer-1) Financial 2) Blood (relative) 3) Business Risk - Answer-The uncertainty or chance of a loss occurring Types of risks are - Answer-1) Pure risk 2) Speculative risk What type of risk does insuran...

Financial(monetary interest) Blood(a relative) Business(a business partner) 3 elements of insurable risk at the time of the loss In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured anyone who is covered under the policy, whether named or not named insured the individual whose name appears on the policy's declaration first named insured the individual whose name appears first on the policy's declaration. add...

Principle of Indemnity - ️️Restoration to approximate previous financial condition, no more no less. Peril - ️️The actual cause of a loss Loss - ️️reduction in value/financial loss/amount paid out in claim settlement Direct Loss - ️️physical harm to a tangible property indirect loss/consequential Loss - ️️an economic loss that results from a direct loss Proximate Cause - ️️when there is an unbroken chain of events between an occurrence and a loss, then that...

DBIA - Contracts and Risk Management Final Questions and Answers 2025 Betterment Theory - CORRECT ANSWER-Owner cannot be put in a better position than if the breach hadn't occurred. Consequential Damages Section 10.5.1, DBIA Document 535 - CORRECT ANSWER-"Not withstanding anything herein to the contrary (except as set forth in section 10.5.2 below), neither Design-Builder nor Owner shall be liable to the other for any consequential losses or damages, whether arising in contract, warranty, to...

AIC 301 Quiz/Test Study Questions and Answers 100% Pass Market Share Liability - Correct Answer ️️ -Applies when a product that has harmed a consumer cannot be traced to a single manufacturer. They are liable unless they can prove they could not have made the product involved. A Defense to Fraud - Correct Answer ️️ -The defendant must make the representation with the intent to influence the other party's action. If the defendant did not intend to deceive, there is no proof of fra...

What is a tort? - CORRECT ANSWER-A tort is a civil wrong for which the law provides a remedy Vicarious Liability - CORRECT ANSWER-makes an employer liable for the torts of the employee, while the employee is on the clock (intentional or unintentional) Type of Damages - CORRECT ANSWER-- compensatory (actual or "out of pocket") - consequential (special) - general (for something other than a direct monetary loss) - punitive (to punish the wrongdoer) T/F Vicarious Liability means a busine...

Procuring Cause -:- is traceable by an uninterrupted series of casual events. A transaction broker agreement may have a clause to automatically extend the agreement -:- if a transaction is underway when the agreement expires. An agent contacted an owner to see if they might want to sell the property. The agent said, "I think I can get you $250,000," which surprised the owner. The owner said, "Ok, and anything over that can be your commission." This is: -:- a net listing and could...

443-health management stipulated sum sole prime general contract - correct answer-work is clearly defined in the contract documents and is done for a fixed, agreed upon amount of money. consequential damages - correct answer-indirect losses that result from wrongdoing by one party joinder - correct answer-The uniting of parties or claims in a single lawsuit binding arbitration - correct answer-process whereby a neutral party hears arguments from two opposing sides and makes a decision tha...

New York State Auto Damage and Theft Exam Questions With Answers Latest 2024/2025 (VERIFIED) When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraisercheck? The center pillar The trunk floor The quarter panels The frame rails: The frame rails 3. In auto physical damage insurance, an insured peril cause of loss is knownas: Direct loss Indirect loss Loss evaluation Consequential loss: Direct loss 4...