Michigan Roofing Exam with Questions and Answers

Michigan Roofing Exam with Questions and Answers Fraud ANSWER deliberately giving false information, or deliberately withholding information known to be important. If a party enters into a contract as a result of fraud by the other party regarding a material matter, the contract may be void When one party to a contract lets the other party to the contract know, by word or action, that he/she no longer intends to be bound by the contract, this is called ANSWER repudiation is a negotiation presided over and guided by an experienced legal or construction practitioner. An effective mediator has received special training and has a strong working knowledge of construction law and practices. ANSWER Mediation Statute of limitations for injuries ANSWER 3 years Fraud Claims ANSWER Six years from date of occurrence Breach of Contract ANSWER Six years from discovery of the wrong, but no more than 10 years after occupancy of the building Economic Loss Rule ANSWER provides that where one party sues another for purely economic losses, the terms of the contract will dictate what losses, if any, may be recovered, unless the terms of the contract are otherwise illegal or unenforceable.