CAIB 3 Exam Questions with All Correct Answers

CAIB 3 Exam Questions with All Correct Answers Civil Law - Answer-the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer-a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Answer-is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent - Answer-basic concept in common law in which current court decisions must follow those made in cases having similar circumstances. Statute Law - Answer-written law enacted by provincial or federal legislation. It amends or supercedes the common law. Damages - Answer-compensation in money for the loss or damage suffered. Compensatory Damages - Answer-are damages intended to compensate the injured party for the bodily injury or property damage sustained. General Damages - Answer-are damages which cannot be exactly determined in monetary terms, but reflect an amount that the court believes necessary to compensate the aggrieved party fairly. Special Damages - Answer-are damages which can be measured as to amount and are often referred to as out of pocket expenses. Exemplary or Punitive Damages - Answer-damages which are intended to punish defendants for their behaviour or to make an example of them. Doctrine of Negligence - Answer-based on the duty of all persons to exercise due care in their conduct towards others from which injury may result. Negligence - Answer-the failure to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man would not do. Strict Liability - Answer-doctrine based on the assumption that certain activities are so hazardous that, in the event of injury or damage arising out of them, the person conducting the activity shall be presumed to be legally liable. Occupier - Answer-a person who has immediate supervision and control of the premises and the power to admit and exclude the entry of others is an occupier. Nuisance - Answer-everything that endangers life or health, gives offense to senses, violates the laws of decency, or obstructs reasonable and comfortable use of the property. Trespass - Answer-an unlawful interference with ones's person, property or rights. Easement - Answer-a right of persons to use land belonging to others. False Imprisonment - Answer-holding someone without lawful justification in a place against their will. False Arrest - Answer-includes false imprisonment but also includes the additional feature of detaining the victims with the intention that they be turned over to the police for prosecution. Malicious Prosecution - Answer-occurs when: (i) the complainant was arrested and later released; and (ii) evidence provided revealed that the person making the complaint did not have an honest belief that a crime had been committed, but was guided by other improper motives such as a desire to harass or humiliate the victim. Defamation - Answer-consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect and goodwill of a considerable part of the community. Slander - Answer-refers to spoken defamation. Libel - Answer-refers to written defamation. Aggregate Limit - Answer-the most the policy will pay during the policy period for all claims for which insurance is provided. Bill of Lading - Answer-a document issued by the carrier responsible for transporting or forwarding the goods. Agreed Value - Answer-a fair value of the shipment agreed to in advance by the insured and insurer. Freight - Answer-the money payable either for the hire of a vessel or for the conveyance of cargo from one port to another. Actual Total Loss - Answer-a loss in which the subject property is totally lost or is so badly damaged that it has no value left. Constructive Total Loss - Answer-occurs when the cost of salvaging the cargo is too high relative to the value saved. Particular Average - Answer-involves a partial loss to a specific shipment, other than a General Average. General Average - Answer-deals with payment for marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed. Surety - Answer-state of being sure, certain and secure. Suretyship - Answer-the guarantee of performance made by one person or entity for another. Surety Bond - Answer-an undertaking by one party (the surety) to become accountable to another party (the obligee)