Elements of a contract Study guides, Class notes & Summaries

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording CORRECT ANSWER B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void CORRECT ANSWER A In th...

Principle stakeholder - initiates project, assumes risk, provides funding - Answer- Owner Protect public health, safety and welfare - Answer- AHJ - Authorities Having Jurisdiction Address planning issues, determine design program, identify codes and regulations, produce procurement and construction documents, administer construction contract, *provide QA/QC procedures* - Answer- Design Team Entity that constructs a facility. Uses management abilities to gather labor forces, subs, and ma...

Areas of regulation for Intermediaries - Q-ualifaction (must pass test) O-peration of business (must follow requirements) L- Icences - Must have license L- icence Renewal - Renewed annual The Categories of insurance: - 1) Social -Workers Compensation 2) Life and Health Life, accident and sickness, and disability. 3) General property/casualty insurance Personal Property Boiler and Machinery Automobile Commercial property Crime Business interruption Liability Aviation Marine Inla...

In the insurance business, risk can best be defined as: A. sharing the possibility of a loss B. uncertainty regarding the future C. uncertainty regarding financial loss D. uncertainty regarding when death will occur - Answer- C. The concept of insurance developed from the need to minimize the adverse effects of risk associated with the probability of financial loss. Which of the following risks is insurable? A. pure risks B. gambling C. speculative risks D. investing - Answer- A....

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

Mortuary Jurisprudence Final Question and answers 100% correct 2023/2024Forebearance - correct answer Refraining from doing something you have a lawful right to do 6 elements of an enforceable contract - correct answer 1. Agreement 2. Assent 3. Consideration 4. Lawful Purpose 5. Competent Parties 6. Form required by law Requirements of an o

Contracting Officer Unlimited Warrant Board verified answers and questions 2023. What is an option? - correct answers.An option is a unilateral right in a contract, for a specific period of time, where the Government may elect to purchase additional supplies or services called for by the contract, or extend the period of performance. The PCO should use options when (1) in the Governments best interest, (2) there is a need for service beyond the initial period, and (3) to ensu...

FL Health Agent 240 Questions and Answers Already Passed An organization that transacts insurance only with its own members is a(n): Fraternal The ____________ has the power to issue rules and regulations to help enforce insurance laws. Commissioner, Superintendent, or Director All of the following are essential elements of a legal contract, EXCEPT: Representation Which of the following manufactures and sells insurance coverage in the form of insurance policies or contracts of insurance? Insu...

Texas Promulgated Contracts-CHAMPIONS Exam 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (...

CON 3990 FAR Exam Practice Questions and Answers | Latest Update 2023/2024. FAR Part 2 -CORRECT ANSWER Definitions of Words and Terms FAR Part 3 -CORRECT ANSWER Improper Business Practices & Personal Conflicts of Interest FAR Part 4 -CORRECT ANSWER Administrative Matters FAR Part 5 -CORRECT ANSWER Publicizing Contract Actions FAR Part 6 -CORRECT ANSWER Competitive Requirements FAR Part 7 -CORRECT ANSWER Acquisition Planning FAR Part 8 -CORRECT ANSWER Required Sources of Supplies and Servic...