CAIB 3 Practice Exam Questions with Answers
Civil Law - ✔✔the body of law concerned with civil or private rights and remedies, as contrasted
with criminal law which deals with wrongs against society. It is also referred to as private law.
Tort - ✔✔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 action for damages
Breach of contract - ✔✔is the failure, without legal excuse, to perform any promise which
forms the whole or part of a contract
Rule of Precedent - ✔✔The basic concept in common law in which current court decisions must
follow those made in cases having similar circumstances
Stature Law - ✔✔written law enacted by provincial or federal legislation. It amends or
supercedes the common law
Damages - ✔✔The award determined by the courts constitutes damages for which the insured
has been judged legally liable. In other words, compensation in money to victims for the loss or
damage suffered.
Compensatory Damages - ✔✔are intended to compensate the injured party for the bodily
injury or property damaged sustained.
General Damages - ✔✔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. Ex . Pain & suffering
Special Damages - ✔✔are damages which can be measured as to an amount and are often
referred to as out of pocket expenses. Ex. Doctor, dentist , hospital charges.
Civil Law - ✔✔the body of law concerned with civil or private rights and remedies, as contrasted
with criminal law which deals with wrongs against society. It is also referred to as private law.
Tort - ✔✔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 action for damages
Breach of contract - ✔✔is the failure, without legal excuse, to perform any promise which
forms the whole or part of a contract
Rule of Precedent - ✔✔The basic concept in common law in which current court decisions must
follow those made in cases having similar circumstances
Stature Law - ✔✔written law enacted by provincial or federal legislation. It amends or
supercedes the common law
Damages - ✔✔The award determined by the courts constitutes damages for which the insured
has been judged legally liable. In other words, compensation in money to victims for the loss or
damage suffered.
Compensatory Damages - ✔✔are intended to compensate the injured party for the bodily
injury or property damaged sustained.
General Damages - ✔✔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. Ex . Pain & suffering
Special Damages - ✔✔are damages which can be measured as to an amount and are often
referred to as out of pocket expenses. Ex. Doctor, dentist , hospital charges.
