Cpcu 530 Study guides, Class notes & Summaries

CPCU 530 Exam Questions with Correct Answers Which one of the following best describes equity courts in the United States federal judicial system? - Answer-Modern equity courts in the U.S. federal system are unified with courts of law. Judges, not juries, can use the broad powers of equity to create fair solutions beyond what traditional legal remedies can offer. Physician Betty administered medical services to stroke victim Karl who was unconscious. She provided medication and directio...

CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or b...

How are partners treated in relation to the partnership? partners are agents of the partnership, laws of agency apply to the partners Joint venture established to conduct a single transaction Shareholders can ask for involuntary dissolution if : 1. Corporate assets misapplied/wasted 2. Shareholders have not been able to elect board members for two consecutive meetings 3. Officers or directors have committed acts that are illegal, fraudulent, or oppressive 4. Directors are deadlocked, in...

Doctrine of stare decisis - correct answer -The principle that lower courts must follow precedents set by higher courts. Criminal law - correct answer -The branch of the law that imposes penalties for wrongs against society. Civil law - correct answer -A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others. Substantive law - correct answer -A classification of law that create...

CPCU 530 Chapter 6 Exam Questions and Answers Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, that invades a legally protected right Tortfeasor - Answer-A person or organization that has committed a tort Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party Defendant - Answer-The party in a lawsuit against whom a complaint is filed Legal duty - Answer-An obligation imposed by law for the preservation of the leg...

Cian purchased a house with money loaned to him by Keithly Mortgage Co. (KMC). Cian obtained a homeowner policy from Melfor Insurance—containing a standard mortgage clause—which covered the house for damage due to windstorm. A windstorm destroyed Cian's house three years later. Which one of the following correctly states who is entitled to the proceeds payable under Cian's homeowner policy? Select one: A. Cian, because the policy was solely for his benefitIncorrect. Under the standard mo...

CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or ...

CPCU 530 Chapter 6 Exam Questions and Answers Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, that invades a legally protected right Tortfeasor - Answer-A person or organization that has committed a tort Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party Defendant - Answer-The party in a lawsuit against whom a complaint is filed Legal duty - Answer-An obligation imposed by law for the preservation of the legally ...

CPCU 530 LATEST EXAM QUESTIONS AND ANSWERS 2024/2025

-Agreement (which includes the offer and acceptance) The first essential ingredient of a legally binding contract is a valid agreement between the offeror and the offeree 4) Undue influence—The improper use of power or trust to deprive a person of free will and to substitute that person's objective with someone else's can remove the possibility of genuine assent. For example, an attorney gives advice to a client that benefits the attorney rather than ensures the best possible outcome for the...