Enforceable by law Study guides, Class notes & Summaries

Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) 2022 Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution or litigation. Business Law: The set of rules regulating businesses and business activities made by the state and enforceable by prosecution or litigation. Purpose of law: • Resolve disputes • Maintains social order • Preserves and enforces community values • Protects the disadvantaged • Sta...

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as Usual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyowner? Payment of Claims All of the following are true about gr...

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

Florida 240 Practice Exam Questions And Answers 100% Verified A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as - answerUsual, customary and reasonable What provision would prevent an insurance company from paying a reimbursement claim to someone other than the policyow...

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

What is the importance of a Business Law course in a business/management curriculum, and/or the importance of knowing something about it to a businessperson? - Answer - The law is important to modern business - The history of business reveals the prominence of law - Educators today emphasize the role of law in preparing tomorrow's business leaders How can businesspeople use the law to a strategic advantage? - Answer - Knowing the legal rights and duties enhances one's ability to identify ...

Law of Contracts - Champions Test | Questions & Answers (Graded A+) Law of Contracts - Champions Test | Questions & Answers (Graded A+) Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER - fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER - 90 days __________ extend above the surface without limitation. - ANSWER - air rights An example(s) of an appurtenance would be: - ...

LCQ Exam Questions And Answers (Verified And Updated) How long is a new liquor licence valid for? - answerOne Year Other than in a club how long can customers remain on licensed premises after the licensed period has stopped? Customers must leave the premises: - answer30 minutes after the licensed period has stopped What are 3 responsibilities of the Duty Manager or Server with regard to alcohol promotions under the SSoA act 2012? - answerNo appeal to minors No advertising free alcohol ...

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...