Condition precedent Study guides, Class notes & Summaries

USAA Licensing Exam Latest Update Graded A+ Insurance Transfer of risk from one person or organization to an insurance company Indemnity The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty in...

What is the name given to the collection of written decisions? - Answer- Case Law Explain the concept of the Rule of Precedent. - Answer- Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". - Answer- Compensation in money for the loss or damage suffered. Compensatory damages for bodily injury are ...

Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers Binding agreement When an offer doesn't contain any conditions, it's a _________ _________ once accepted by all parties. - Condition precedent - Condition subsequent What methods can be used to draft conditions? A true condition precedent. If a party is not permitted to waive a condition and is required to fulfill the condition, what is this called? ...

Humber Real Estate - Course 2, Module 19, Additional Sale-Related Documents and Other Legal Obligations Graded A The brokerage As a salesperson, you may not be required to prepare a trade record sheet. They are typically done by who? True. Any changes must be in a new document called an amendment. Only the altered or amended term(s) are written in the new document, and it's meant to be read in conjunction with the existing agreement. True or false? When an offer has been accepted,...

BUSI 301 Exam 2 Practice Questions 2024. _____ is typically accomplished by attaching some event, known as a(n) ______ that must occur before a particular performance obligation is triggered. - CORRECT ANSWER Risk Allocation; Condition A(n) ______ means that an event that must occur before performance under a contract is due. - CORRECT ANSWER Condition Precedent If the elements of contract formation are satisfied, the contract must still:______. - CORRECT ANSWER be in writing under ce...

What is the principal source of stare decisis and precedent? D) Common Law Common Law A rent-to-own store offered for sale a sofa that was manufactured in a foreign county. The store intentionally represented that the sofa was made from leather, but in reality it was made from vinyl. A consumer used a credit card to purchase the sofa and hopes the Federal Trade Commission regulations can help resolve the dispute. How would these regulations help this consumer? A) They prohibit u...

BUSI 301 Exam 2 Advanced Questions & Answers 2024. _____ is typically accomplished by attaching some event, known as a(n) ______ that must occur before a particular performance obligation is triggered. - CORRECT ANSWER Risk Allocation; Condition A(n) ______ means that an event that must occur before performance under a contract is due. - CORRECT ANSWER Condition Precedent If the elements of contract formation are satisfied, the contract must still:______. - CORRECT ANSWER be in writin...

A bid is a written offer to perform and is not binding until accepted T/F? - True A condition precedent is A) evidence of prior dealings between the parties proving one is entitled to payment B) A legal term concerning personal injury claims C) an act or event that must take place to trigger an obligation D an illness suffered by all lawyers - C) an act or event that must take place to trigger an obligation A covenant not to compete, also known as a "non-competition agreement" is never e...

Fee simple - Also called fee simple absolute or indefeasible fee, this fee estate is the most complete form of ownership without limitations or conditions Life estate - Grants possession and limited ownership of the property to a person for the duration of the recipients life or the life of another person Fee simple qualified estate - Also called fee simple defeasible estate. 3 different types Few simple precedent - Ownership (title) won't pass from one person to another until a partic...

The Salesperson can obtain information and verify using the following sources: - listing data sheet, including by contacting the listing Salesperson - various source documents, such as a deed, survey - seller's disclosure document regarding property conditions - seller's pre-listing home inspection, if available - online information available from the municipality When preparing the "offer plan" before drafting the offer, how information can be obtained and verified by the Salesperson?...