Consequential damages - Study guides, Class notes & Summaries

Consequential also known as Indirect Loss Correct Answer: An insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a result the insured lost income. What type of loss is this? Combined Single Correct Answer: The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance policy has a limit set at $500,000. This amount applies to the total of damages for any bodily inj...

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...

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...

Josh sells t-shirts at an amusement park. When selling t-shirts, he often tells people that the shirts are the softest shirts ever created. If he did not truly believe that and it was a lie, would this be an example of misrepresentation? A) Yes because he lied. B) No because it is not an important opinion. C) Yes because it is a lie about an opinion. D) No because it is a lie about an opinion. - ️️D Caleb contracts with Eliza to beat up Mickey for $50.00. Is that agreement enforceable...

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...

dormant commerce clause - implied that because Congress/ federal government has the power to regulate interstate commerce, the states do not diversity jurisdiction/ diversity of citizenship - the power of the federal courts to hear matters of state law if the opposing parties are from different states and the amount in controversy exceeds $75,000 administrative agency - state, local, or federal; given power through Congress through enabling legislation; created for implementation of statut...

Impossibility of Performance - ️️A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party) Novation - ️️The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, this involves the substitution of a new party for one of the original parties to the contract Anticipatory Repudiati...

Georgia Adjuster Exam Questions and Answers 100% Correct!! Consequential also known as Indirect Loss - -An insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a result the insured lost income. What type of loss is this? Combined Single - -The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance policy has a limit set at $500,000. This amount applies to the ...

Negligence Failure to exercise appropriate and or ethically ruled care expected to be exercised among specific circumstances. *Duty of Care, breach, proximate cause, and damages must be established in negligence case *court will typically compare the actions of the defendant to a "reasonable person" Mailbox Rule Acceptance is affected upon sending out the letter, not receiving it. Trespass to Land When someone enters onto, above, or below the surface of land owned by som...

contract requirements are clearly definable and minimal risk of unsuccessful contract performance; suitable for commodities or simple service; proposers do the minimum for the pass/fail process; impedes thinking creatively or creating the best team; little practical ability for an owner to ever fail someone - Lowest Price Technically Acceptable (LPTA) A contractor may opt to speed up a project due to an excusable or unavoidable delay caused by weather, deliveries or change orders. The contr...