CPCU 530 Exam Questions with Correct Answers

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 direction and followed all procedures. When Karl woke up, he refused other medical services and he also indicated that he could not be held liable for any expenses that he did not personally authorize or to which he did not consent. It is likely that Karl might be required to pay the reasonable value of the services received based on - Answer-This is typical of an implied-in-law contract and not of an implied-in-fact, unilateral, or executory contract. If a doctor renders professional services to an unconscious person then the law might obligate the patient to pay for those services based on an implied-in-law contract, to avoid unjust enrichment. A bilateral contract is - Answer-A bilateral contract is a contract in which each party promises a performance. In contrast, a unilateral contract is one where only one party makes a promise or undertakes the requested performance. Five-year-old Janet lost her dog and Janet's parents offered a $50 reward to anyone who returned the dog to Janet. With no knowledge of the reward offer, 12-year-old Judy found the dog in an alley, saw the name tag, and returned the dog to Janet. When Judy told her parents about the return of Janet's dog, they attempted to collect the reward for Judy. The reason their attempt to collect the reward might fail is because there - Answer-The reason Judy's parents' attempt to collect the reward on Judy's behalf might fail is because there was no communication of the reward offer since Judy was not aware of the reward when she returned the dog. There was no communication of an offer to the offeree. Which one of the following statements is true regarding entering into a contract with certain incompetent persons? - Answer-Contracts that benefit the insane may be valid. If an agreement benefits an insane person and the other party is unaware of the infirmity, the insane person cannot avoid the contract.