FSE 2930 Professional review business law UPDATED ACTUAL Exam Questions and CORRECT Answers

FSE 2930 Professional review business law
UPDATED ACTUAL Exam Questions and
CORRECT Answers
co-insurance - CORRECT ANSWER -A clause in an insurance policy under which the
insured agrees to maintain insurance equal to some specified percentage of the property value or
otherwise to assume a portion of any loss


any time prior to acceptance - CORRECT ANSWER -When may an offer be revoked



Voidable, minor can cancel it - CORRECT ANSWER -If an adult makes a contract with a
minor for necessaries, what is the status of the contract?


past consideration, illusory promises] - CORRECT ANSWER -What are 3 invalid reasons
for consideration of a contract?


Duress - CORRECT ANSWER -obtaining consent by means of a threat



Undue Influence - CORRECT ANSWER -A contract to loan money at a higher rate of
interest than the law allows


novation - CORRECT ANSWER -The process of terminating a contract and substituting a
new one with the same terms but a new party


Assignment - CORRECT ANSWER -Conveyance of rights in a contract to a person not a
party to the contract


deductible clause - CORRECT ANSWER -Insurance policy provision that makes the
insurer liable only for losses in excess of the stated deductible