Cpcu 530 test questions Study guides, Class notes & Summaries

Daniel offers a ride to Lily, a ten-year-old, and takes her to his house where he locks her in his cellar and demands money from Lily's parents to secure her return. The parents agree to pay and Lily is returned, but Daniel never receives the money. He sues Lily's parents for breach of contract. Which one of the following explains why Daniel's contract with Lily's parents is not legally binding? It lacks a legal purpose Maria owns a commercial building and places insurance with Bastion In...

Doctrine of Stare Decisis "To stand on decided" -lower courts must follow precedents set by higher courts Equity What is right or fair Difference between common and civil law Common-derived from court decisions Civil- rely on scholarly interpretation of codes and constitutions NAIC National association of insurance commissioners -coordinate insurance regulation activities 50 states 5 us territories Original Jurisdiction The power of the court in which Cases are initiated to ...

CPCU 530 Chapter 4 Test Questions with Correct Answers Statutes of Fraud - Answer-A collection of laws that help prevent parties from becoming involved in fraudulently formed contracts. COD (Collect on Delivery) - Answer-A shipping condition under which the buyer pays when the goods are delivered and has no right to inspect the goods as a condition to acceptance and payment. Implied Warranty of Merchantability - Answer-An implied warranty that a product is fit for the ordinary purpose...

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 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 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 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 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

CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of a neutral...