AIC 301 - Test Prep Questions Actual Set Questions & Revised Correct Answers

AIC 301 - Test Prep Questions Actual Set Questions & Revised Correct Answers Which one of the following statements correctly expresses a distinction between waiver and estoppel? A. Only waiver prevents an insurer from reviving a defense it has forfeited earlier. B. The parol evidence rule applies to estoppel, but not to waiver. C. Estoppel is contractual in nature, but waiver is equitable in nature. D. Estoppel requires resulting injury or detriment by the party asserting it. - ANSWER : D. Estoppel requires resulting injury or detriment by the party asserting it. Allison sued George for breach of contract and the term "contractual consideration" was at issue. In court, the term would be given its Select one: A. Legal meaning. B. Technical meaning. C. Dictionary definition. D. Common usage meaning. - ANSWER : A. Legal meaning. Paul and Jerry were both six years old when they entered a neighbor's home and used baseball bats to smash and break household items. When establishing liability for Paul's and Jerry's actions, the court will most likely primarily consider Select one: A. Their vicarious liability as children. B. It as a mass tort action. C. It to be liability by conspiracy. D. The tortfeasors' capacity. - ANSWER : D. The tortfeasors' capacity.