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AIC 301 FINAL EXAM NEWEST 2025 TEST BANK|
COMPLETE 400 ACTUAL EXAM QUEST IONS
AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+|
AIC 301 EXAM PREP |BRAND NEW!!
Which one of the following presents the two central elements that can give rise to an estoppel?
Select one:
- Knowledge and intentional relinquishment of a known right
- Reliance and detriment
- Incorrect statement of facts and intent
- Voluntary choice and inconsistent rights or privileges - Correct
Answer - B. Reliance and detriment
If Zelda agrees to paint Amy's fingernails for $15 twice a month,
Zelda and Amy have formed Select one:
- A unilateral contract.
- An implied-in-law contract.
- An irrevocable contract.
- A bilateral contract. - Correct Answer - D. A bilateral contract.
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pg. 2 Carla is an attorney in the legal department for an insurer. She is drafting a document that details types of coverage sought, object or premises to be insured, the amount of insurance, the insured's name, and the duration
of coverage. Carla is drafting a(n) Select one:
- Lawful objective.
- Genuine assent.
- Agreement to insure.
- Offer to insure. - Correct Answer - C. Agreement to insure.
While driving, Karl's foot slips off the brake and his car rolls into the back of Sonny’s vehicle. No one is hurt, but the accident caused a large dent in the back bumper of Sonny’s vehicle. For which one of the following types of damages is Sunny eligible?
Select one:
- General damages
- Special damages
- Incidental damages
- Bad-faith damages - Correct Answer - B. Special damages
In contract cases involving breach of duty of good faith, which one of the following types of damages might a court impose in addition to actual damages?
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- Compensatory
- Extracontractual
- Consequential
- Mitigation - Correct Answer - B. Extracontractual. A court might
impose extracontractual damages, a payment awarded by a court that exceeds the usual contract damages for a breach of contract involving bad faith. Mitigation of damages is a duty owed by an injured party to a claim to take reasonable measures to minimize or avoid additional injury or loss caused by the defendant. Consequential damages are a payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong such as a breach of contract or a tort. Compensatory damages are a payment awarded by a court to indemnify a victim for actual harm.
Which one of the following contractual rights are assignable without the obligor's consent?
Select one:
- Damages for personal injury
- Personal rights and duties
- Contract restrictions
- A right to collect a debt - Correct Answer - D. A right to collect a
debt
Which one of the following parties is the holder of the warehouse receipt in a typical storage bailment? 3 / 4
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Select one:
- Warehouse operator
- Carrier
- Bailor
- Bailee - Correct Answer - C. Bailor
Which one of the following is an action causing harm that would most likely result in the application of the res Ipas loquitur doctrine?
Select one:
- An arson fire burns a warehouse to the ground.
- A roll of tar paper falls off a building at night and hits someone.
- A drunk driver runs his car into a pedestrian.
- A tornado destroys a barn. - Correct Answer - B. A roll of tar paper
falls off a building at night and hits someone.
A special characteristic of an insurance policy is that it is a nontransferable contract. This principle means that insureds may
not transfer or assign their insurance policies Select one:
- Under any circumstances.
- Except when directed to do so by the insurer.
- Unless the insurer agrees to the assignment.
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