AIC 301 Exam Complete Questions and Guide
Answers, 100% Verified Graded A+
1. Which one of the following statements correctly expresses a distinction be- tween
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.
2. Allison sued George for breach of contract and the term "contractual consid- eration"
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.
3. 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 establish- ing 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.
4. Andrew promised Katy he would roof her house on October 30. On October 15,
Andrew told Katy he could not find the correct shingles and stated he was probably
going to be too busy to do the job. Andrew has
Select one.
A. Not repudiated the contract.
B. Rescinded the contract.
C. Breached the contract.
Answers, 100% Verified Graded A+
1. Which one of the following statements correctly expresses a distinction be- tween
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.
2. Allison sued George for breach of contract and the term "contractual consid- eration"
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.
3. 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 establish- ing 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.
4. Andrew promised Katy he would roof her house on October 30. On October 15,
Andrew told Katy he could not find the correct shingles and stated he was probably
going to be too busy to do the job. Andrew has
Select one.
A. Not repudiated the contract.
B. Rescinded the contract.
C. Breached the contract.
