11/06/2025, 09:47 LML4805 - Insurance Law 2025 EXAM QUESTIONS WITH COMPLETE SOLUTIONS (100 % CORRECT AND VERIFIED) ALREA…
LML4805 - Insurance Law 2025 EXAM
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Terms in this set (144)
Contracts under seal & simple
State the 3 classifications
Unilateral & bilateral contracts
of contracts
Void & viodable contracts
Seal- formal, signed contracts
What are seal & simple
contracts
Simple- all other contracts, not signed
Unilateral - one sided, legally binding agreement
where one party pays for a specific act. It's a promise
eg reward for finding a lost pet
What are unilateral and
bilateral contracts
Bilateral- commitment is required from 2 or more
parties, its enforceable from time when contract
signed
Void- contract that is unenforceable. Eg if it's an illegal
act being agreed
What are void and
voidable contracts
Voidable- agreement made and valid, but become set
aside due to certain reasons
https://quizlet.com/1053338091/lml4805-insurance-law-2025-exam-questions-with-complete-solutions-100-correct-and-verified-already-passed-flash-… 1/27
,11/06/2025, 09:47 LML4805 - Insurance Law 2025 EXAM QUESTIONS WITH COMPLETE SOLUTIONS (100 % CORRECT AND VERIFIED) ALREA…
Agreement
Intension to create legal relations
What are five essential for
Consideration
formation of a contract?
Agreement in form of required law
Parties have capacity to contract
What's is agreement Known as offer and acceptance
Writing
Orally
How can an offer be Conduct
made To one person
To group of people
To public as a whole
True- Offeror intends to be immediately bound if their
Difference between True offer is accepted
offer and statements
Statement- made while negotiations still in progress
Time limit or 'reasonable time'
Death
5 ways an offer can expire Acceptance
Revocation- offeree withdraws their offer
Rejection/counter offer
In any form unless told a certain way must do so
How can an offer be
accepted
Post rule- when letter posted contract in effect
The price that supports the promise
What's is consideration
For law to enforce a contract both sides must put up
something of value
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, 11/06/2025, 09:47 LML4805 - Insurance Law 2025 EXAM QUESTIONS WITH COMPLETE SOLUTIONS (100 % CORRECT AND VERIFIED) ALREA…
Must be real or genuine
Need not be adequate- I.e courts won't set in for bad
What are 5 rules of deal
consideration
Must not be past
Must move from the promisee
To hold a party who makes a promise to another
Promissory Estoppel accountable for the detriment suffered by the counter
party who replied on that promise
Contracts under seal- signed and witness
Contracts in writing- eg bill of exchange, cheques,
transfers of shares , consumer credit, marine insurance
State and explain 4
categories of form Evidence in writing- must be note or memorandum of
the contract in writing
One part supply particulars to other- eg employer
have to set out main Terms of employment contract
Expressed- words used by parties in reaching their
What are 2 types of terms agreement
in contract
Implied- not expressly or explicitly stated
In fact- not stated but it's the intension by the parties
Custom or usage- a custom of the market which
3 ways terms implied
parties operate for certain trade or locality
Law- written laws automatically apply to contract
https://quizlet.com/1053338091/lml4805-insurance-law-2025-exam-questions-with-complete-solutions-100-correct-and-verified-already-passed-flash-… 3/27
LML4805 - Insurance Law 2025 EXAM
QUESTIONS WITH COMPLETE SOLUTIONS (100 %
CORRECT AND VERIFIED) ALREADY PASSED!!
Save
Terms in this set (144)
Contracts under seal & simple
State the 3 classifications
Unilateral & bilateral contracts
of contracts
Void & viodable contracts
Seal- formal, signed contracts
What are seal & simple
contracts
Simple- all other contracts, not signed
Unilateral - one sided, legally binding agreement
where one party pays for a specific act. It's a promise
eg reward for finding a lost pet
What are unilateral and
bilateral contracts
Bilateral- commitment is required from 2 or more
parties, its enforceable from time when contract
signed
Void- contract that is unenforceable. Eg if it's an illegal
act being agreed
What are void and
voidable contracts
Voidable- agreement made and valid, but become set
aside due to certain reasons
https://quizlet.com/1053338091/lml4805-insurance-law-2025-exam-questions-with-complete-solutions-100-correct-and-verified-already-passed-flash-… 1/27
,11/06/2025, 09:47 LML4805 - Insurance Law 2025 EXAM QUESTIONS WITH COMPLETE SOLUTIONS (100 % CORRECT AND VERIFIED) ALREA…
Agreement
Intension to create legal relations
What are five essential for
Consideration
formation of a contract?
Agreement in form of required law
Parties have capacity to contract
What's is agreement Known as offer and acceptance
Writing
Orally
How can an offer be Conduct
made To one person
To group of people
To public as a whole
True- Offeror intends to be immediately bound if their
Difference between True offer is accepted
offer and statements
Statement- made while negotiations still in progress
Time limit or 'reasonable time'
Death
5 ways an offer can expire Acceptance
Revocation- offeree withdraws their offer
Rejection/counter offer
In any form unless told a certain way must do so
How can an offer be
accepted
Post rule- when letter posted contract in effect
The price that supports the promise
What's is consideration
For law to enforce a contract both sides must put up
something of value
https://quizlet.com/1053338091/lml4805-insurance-law-2025-exam-questions-with-complete-solutions-100-correct-and-verified-already-passed-flash-… 2/27
, 11/06/2025, 09:47 LML4805 - Insurance Law 2025 EXAM QUESTIONS WITH COMPLETE SOLUTIONS (100 % CORRECT AND VERIFIED) ALREA…
Must be real or genuine
Need not be adequate- I.e courts won't set in for bad
What are 5 rules of deal
consideration
Must not be past
Must move from the promisee
To hold a party who makes a promise to another
Promissory Estoppel accountable for the detriment suffered by the counter
party who replied on that promise
Contracts under seal- signed and witness
Contracts in writing- eg bill of exchange, cheques,
transfers of shares , consumer credit, marine insurance
State and explain 4
categories of form Evidence in writing- must be note or memorandum of
the contract in writing
One part supply particulars to other- eg employer
have to set out main Terms of employment contract
Expressed- words used by parties in reaching their
What are 2 types of terms agreement
in contract
Implied- not expressly or explicitly stated
In fact- not stated but it's the intension by the parties
Custom or usage- a custom of the market which
3 ways terms implied
parties operate for certain trade or locality
Law- written laws automatically apply to contract
https://quizlet.com/1053338091/lml4805-insurance-law-2025-exam-questions-with-complete-solutions-100-correct-and-verified-already-passed-flash-… 3/27
