CNST 2341 - Final Exam Concepts || with Errorless
Solutions 100%.
Indemnify Law and Legal Definition correct answers To indemnify means to reimburse another
for a loss suffered because of a third party's or one's own act or default. It can also refer to a
promise to reimburse another for such a loss or to give another security against such a loss. The
right to indemnity and the duty to indemnify commonly comes from a contractual agreement,
which generally protects against liability, loss, or damage.
patent defect correct answers an obvious flaw in a product or a document (such as leaving out the
property description in a deed).
Sole Proprietorship correct answers A business owned by one person
Partnership correct answers A business in which two or more persons combine their assets and
skills
Corporation correct answers are independent, legal, business entities. Once incorporated, the
company must hold formal meetings for all major decisions regarding company matters. unlike
sole proprietorships and partnerships, stockholders of a corporation are not personally liable for
company losses
Limited Liability Company (LLC) correct answers are a hybrid type of business entity that has
limited liability of individual owners similar to a corporation and tax and operational benefits
similar to sole propertiorships and partnerships
Joint Ventures correct answers an agreement between two or more individuals or companies
formed to complete a single business enterprise
Insurance and Bonds correct answers are used to protect owners and/or contractors against risks.
With insurance policies, the insurance company is responsible for the cost of the claim. In a
bond, the bonding company fulfills the the contractor's obligation for payment but holds the
contractor responsible for the cost of the claim.
Insurance and Bond Difference correct answers Another important difference is who being
protected. With insurance, the party purchasing the policy is being protected. However, with a
bond, the contractor is paying to protector another party (owner)
Worker's Compensation correct answers a type of insurance that compensates a work for a
portion of their lost wages and medical expenses for injuries that occurred at work. In exchange
for this benefit, employees forgo their right to sue their employer for tort
EMR (experience modification rate) correct answers is a multiplier that adjusts the premium
based on their past work record
, Builder's Risk correct answers an insurance that builders' purchase that protects them from
building damage that occurs while under construction
General Liability correct answers protects the contractor from claims by a 3rd party of bodily
injury to person and property damage as a result of ongoing operations EX: this insurance would
protect the contractors if a steel beam fell and crushed the building official's car
Errors and Omissions Insurance correct answers protects designers from incomplete, incorrect
and faulty design documents. Contractors generally do not have this insurance unless they are
providing design services such as with a design build contract or have performance specs
requiring them to design a portion of the work
Value Engineering correct answers is a function analysis that seeks to lower cost alternatives for
the services provided by the building
Subcontract correct answers a contract in which one party involves a 3rd part to carry on a
portion of its responsibilites
3 payment methods common in construction industry correct answers Lump sum, Unit Price,
Cost Plus
Project Delivery Methods correct answers Design Build, DBB, Turn Key, and Construction
Management
Joint correct answers a contract in which a number of individuals are represented as one party
and forgiveness of any individual by the plaintiff implies forgiveness of the rest of the
individuals making that party.
Several correct answers A contract in which a number of individuals are represented as one party
but forgiveness of any individual by the plaintiff does not imply forgiveness of the rest of the
individuals making that party...plaintiff can select and choose.
Contract correct answers is an agreement to do or not to do certain thing
4 elements of a contract correct answers 1. Agreement (mutual consent)
2. Consideration
3. Capacity to contract
4. Legal subject matter
4 Corners correct answers is a contract law doctrine
that "the meaning of a document is to be gathered
from the entire (all four corners) document."
two conditions of ending a contract correct answers 1.Performance of the contract 2. Termination
of the contract
Solutions 100%.
Indemnify Law and Legal Definition correct answers To indemnify means to reimburse another
for a loss suffered because of a third party's or one's own act or default. It can also refer to a
promise to reimburse another for such a loss or to give another security against such a loss. The
right to indemnity and the duty to indemnify commonly comes from a contractual agreement,
which generally protects against liability, loss, or damage.
patent defect correct answers an obvious flaw in a product or a document (such as leaving out the
property description in a deed).
Sole Proprietorship correct answers A business owned by one person
Partnership correct answers A business in which two or more persons combine their assets and
skills
Corporation correct answers are independent, legal, business entities. Once incorporated, the
company must hold formal meetings for all major decisions regarding company matters. unlike
sole proprietorships and partnerships, stockholders of a corporation are not personally liable for
company losses
Limited Liability Company (LLC) correct answers are a hybrid type of business entity that has
limited liability of individual owners similar to a corporation and tax and operational benefits
similar to sole propertiorships and partnerships
Joint Ventures correct answers an agreement between two or more individuals or companies
formed to complete a single business enterprise
Insurance and Bonds correct answers are used to protect owners and/or contractors against risks.
With insurance policies, the insurance company is responsible for the cost of the claim. In a
bond, the bonding company fulfills the the contractor's obligation for payment but holds the
contractor responsible for the cost of the claim.
Insurance and Bond Difference correct answers Another important difference is who being
protected. With insurance, the party purchasing the policy is being protected. However, with a
bond, the contractor is paying to protector another party (owner)
Worker's Compensation correct answers a type of insurance that compensates a work for a
portion of their lost wages and medical expenses for injuries that occurred at work. In exchange
for this benefit, employees forgo their right to sue their employer for tort
EMR (experience modification rate) correct answers is a multiplier that adjusts the premium
based on their past work record
, Builder's Risk correct answers an insurance that builders' purchase that protects them from
building damage that occurs while under construction
General Liability correct answers protects the contractor from claims by a 3rd party of bodily
injury to person and property damage as a result of ongoing operations EX: this insurance would
protect the contractors if a steel beam fell and crushed the building official's car
Errors and Omissions Insurance correct answers protects designers from incomplete, incorrect
and faulty design documents. Contractors generally do not have this insurance unless they are
providing design services such as with a design build contract or have performance specs
requiring them to design a portion of the work
Value Engineering correct answers is a function analysis that seeks to lower cost alternatives for
the services provided by the building
Subcontract correct answers a contract in which one party involves a 3rd part to carry on a
portion of its responsibilites
3 payment methods common in construction industry correct answers Lump sum, Unit Price,
Cost Plus
Project Delivery Methods correct answers Design Build, DBB, Turn Key, and Construction
Management
Joint correct answers a contract in which a number of individuals are represented as one party
and forgiveness of any individual by the plaintiff implies forgiveness of the rest of the
individuals making that party.
Several correct answers A contract in which a number of individuals are represented as one party
but forgiveness of any individual by the plaintiff does not imply forgiveness of the rest of the
individuals making that party...plaintiff can select and choose.
Contract correct answers is an agreement to do or not to do certain thing
4 elements of a contract correct answers 1. Agreement (mutual consent)
2. Consideration
3. Capacity to contract
4. Legal subject matter
4 Corners correct answers is a contract law doctrine
that "the meaning of a document is to be gathered
from the entire (all four corners) document."
two conditions of ending a contract correct answers 1.Performance of the contract 2. Termination
of the contract
