Contract elements - Study guides, Class notes & Summaries

Regulatory Review correct answersRegulatory review of filings is very important for consumer protection. State Regulation correct answers-Comply with state laws -Rates are adequate, and not excessive or discriminatory Adequate Rates correct answersAre sufficient to determine a normal anticipated loss and company expenses. Excessive Rates correct answersMake it hard on consumers and allows insurance companies to make an unreasonably large profit. Purpose for Filing Review Process cor...

AIC 301 2024 Exam Questions and Answers All Correct .What are the elements of a legally binding contract? - Answer-To be legally binding, contracts must: • Contain an agreement between all parties • Involve parties with the legal capacity to contract • Contain mutual assent • Involve consideration • Have a legal purpose • Be in the form prescribed by law What are the similarities and differences between bilateral and unilateral contracts? - Answer-In bilateral cont...

BUL 4421 Final - FAU Gendler Exam Questions With Complete Solutions CHAPTER 13: Introduction to Contracts - answerCHAPTER 13: Introduction to Contracts Four Elements of a Contract: CLAC - answer1. Contractual Capacity 2. Legal Object 3. Agreement (offer, acceptance) 4. Consideration Contract - answer-A promise or set of legally enforceable promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. Agreement - answer(Offer &...

ICAEW ACA Law Question and answers 2024 verified to pass Contract - CORRECT ANSWER - An agreement which legally binds the parties What are the essential elements of a contract - CORRECT ANSWER - Offer and acceptance, agreement. Intention to create legal relationship consideration. Standard form contract - CORRECT ANSWER - A standard document prepared by many large organisations and setting out the terms on which they contract with their customers. Prepared by the dominant party which ...

Areas of regulation for Intermediaries - Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: - 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile Commercial property Crime Business interruption Liability Aviation Marine Inla...

California PSI Site - Life, Accident and Health Agent Examination (Life Agent) | Questions & Solutions (100% Correct) California PSI Site - Life, Accident and Health Agent Examination (Life Agent) | Questions & Solutions (100% Correct) Admitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER - An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-...

Principle stakeholder - initiates project, assumes risk, provides funding - Answer- Owner Protect public health, safety and welfare - Answer- AHJ - Authorities Having Jurisdiction Address planning issues, determine design program, identify codes and regulations, produce procurement and construction documents, administer construction contract, *provide QA/QC procedures* - Answer- Design Team Entity that constructs a facility. Uses management abilities to gather labor forces, subs, and ma...

LEGL 2700 UGA Test 1 Questions and Answers | Latest Version | 2024/2025 | 100% Pass What is the primary purpose of contract law? To enforce agreements made between parties and ensure that promises are fulfilled in a legally binding manner. What elements must be present for a contract to be legally enforceable? Offer, acceptance, consideration, mutual assent, and a legal purpose. How does consideration function in a contract? Consideration refers to something of value exchan...

CMIT Exam (200 multiple choice) Questions with Verified Answers A CM's role and responsibilities are governed solely by the Owner/CM Agreement. True False - CORRECT ANSWER True There are two basic forms of CM, agency and at-risk. Each form provides for the basic services of construction management practice. However, there are some key differences. Which of the following do not apply to both CM forms? A) Both forms provide advice to the owner on constructibility, budget and the schedule....

Texas Promulgated Contracts-CHAMPIONS STUDY WITH CORRECT SOLUTIONS The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - answerB A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilater...