AIC 301 - Final Exam Prep Questions With Complete
Solutions
A product has been making people ill, and a number of the
victims have filed a class-action lawsuit against its
manufacturer. Which one of the following sets of elements
would the trial court consider to certify this as a class action
suit?
Select one:
A. Commonality, numerosity, adequacy of representation,
typicality
B. Numerosity, commonality, typicality, amount of damages
C. Amount of damages, adequacy of representation,
commonality, typicality
D. Adequacy of representation, numerosity, commonality,
amount of damages Correct Answers A. Commonality,
numerosity, adequacy of representation, typicality
A restaurant manager created a new method to cook French
fries. Which one of the following describes how the restaurant
manager can protect his intellectual property rights?
Select one:
A. By registering a trade secret with the state.
B. By claiming part ownership in the restaurant
C. By obtaining a patent
D. By filing a copyright notice Correct Answers C. By
obtaining a patent. The restaurant manager can protect his
intellectual property rights by obtaining a patent. A patent
applies to a new, useful, nonobvious invention.
,A special characteristic of an insurance policy is that it is a
nontransferable contract. This principle means that insureds may
not transfer or assign their insurance policies
Select one:
A. Under any circumstances.
B. Except when directed to do so by the insurer.
C. Unless the insurer agrees to the assignment.
D. Except at expiration of the policy. Correct Answers C.
Unless the insurer agrees to the assignment.
Aaron and Harry entered into a contract in which Aaron agreed
to pay Harry to supply him with lumber for $10,000 per load.
When the cost of lumber increased, Harry renegotiated his
contract with Aaron and wrote the new terms of $12,000 per
load on the contract by hand. When there was a contract dispute
and the case went to court, the judge
Select one:
A. Recognized the handwritten numbers over the words.
B. Enforced the original printed version of the contract.
C. Recognized the handwritten words over the words.
D. Voided the contract because it had been written on. Correct
Answers C. Recognized the handwritten words over the words.
All of the following debts are not dischargeable in bankruptcy,
EXCEPT:
Select one:
A. Services obtained by fraud
B. Most student loans
C. Payments owed on leases
D. Alimony Correct Answers C. Payments owed on leases
, Antonia was a life tenant who occupied a house at 33 Main
Street. Emil had a remainder interest in the property and planned
to occupy it after Antonia's death. Antonia obtained property
insurance covering the house, through Richley Insurance Co.
The house was destroyed by fire during Antonia's life estate.
Richley must pay the insurance policy proceeds to
Select one:
A. Emil, under the doctrine of equitable conversion.
B. Antonia, since she occupied the house at the time of the fire.
C. Antonia, because life tenants can recover the entire value of
the property that they insure.
D. Emil, because he will ultimately own the property. Correct
Answers C. Antonia, because life tenants can recover the entire
value of the property that they insure.
Argot Mutual drafts the wording of its insurance contracts.
Because Argot determines the exact wording of the contract, the
insureds have no choice but to either accept the policy wording
as is, or purchase insurance elsewhere. Therefore, Argot's policy
is considered to be a
Select one:
A. Contract of adhesion.
B. Conditional contract.
C. Contract of indemnity.
D. Contract of good faith. Correct Answers A. Contract of
adhesion.
As an insurance legal professional, Mehmet understands the
importance of representations and warranties in insurance
policies. He knows that
Select one:
Solutions
A product has been making people ill, and a number of the
victims have filed a class-action lawsuit against its
manufacturer. Which one of the following sets of elements
would the trial court consider to certify this as a class action
suit?
Select one:
A. Commonality, numerosity, adequacy of representation,
typicality
B. Numerosity, commonality, typicality, amount of damages
C. Amount of damages, adequacy of representation,
commonality, typicality
D. Adequacy of representation, numerosity, commonality,
amount of damages Correct Answers A. Commonality,
numerosity, adequacy of representation, typicality
A restaurant manager created a new method to cook French
fries. Which one of the following describes how the restaurant
manager can protect his intellectual property rights?
Select one:
A. By registering a trade secret with the state.
B. By claiming part ownership in the restaurant
C. By obtaining a patent
D. By filing a copyright notice Correct Answers C. By
obtaining a patent. The restaurant manager can protect his
intellectual property rights by obtaining a patent. A patent
applies to a new, useful, nonobvious invention.
,A special characteristic of an insurance policy is that it is a
nontransferable contract. This principle means that insureds may
not transfer or assign their insurance policies
Select one:
A. Under any circumstances.
B. Except when directed to do so by the insurer.
C. Unless the insurer agrees to the assignment.
D. Except at expiration of the policy. Correct Answers C.
Unless the insurer agrees to the assignment.
Aaron and Harry entered into a contract in which Aaron agreed
to pay Harry to supply him with lumber for $10,000 per load.
When the cost of lumber increased, Harry renegotiated his
contract with Aaron and wrote the new terms of $12,000 per
load on the contract by hand. When there was a contract dispute
and the case went to court, the judge
Select one:
A. Recognized the handwritten numbers over the words.
B. Enforced the original printed version of the contract.
C. Recognized the handwritten words over the words.
D. Voided the contract because it had been written on. Correct
Answers C. Recognized the handwritten words over the words.
All of the following debts are not dischargeable in bankruptcy,
EXCEPT:
Select one:
A. Services obtained by fraud
B. Most student loans
C. Payments owed on leases
D. Alimony Correct Answers C. Payments owed on leases
, Antonia was a life tenant who occupied a house at 33 Main
Street. Emil had a remainder interest in the property and planned
to occupy it after Antonia's death. Antonia obtained property
insurance covering the house, through Richley Insurance Co.
The house was destroyed by fire during Antonia's life estate.
Richley must pay the insurance policy proceeds to
Select one:
A. Emil, under the doctrine of equitable conversion.
B. Antonia, since she occupied the house at the time of the fire.
C. Antonia, because life tenants can recover the entire value of
the property that they insure.
D. Emil, because he will ultimately own the property. Correct
Answers C. Antonia, because life tenants can recover the entire
value of the property that they insure.
Argot Mutual drafts the wording of its insurance contracts.
Because Argot determines the exact wording of the contract, the
insureds have no choice but to either accept the policy wording
as is, or purchase insurance elsewhere. Therefore, Argot's policy
is considered to be a
Select one:
A. Contract of adhesion.
B. Conditional contract.
C. Contract of indemnity.
D. Contract of good faith. Correct Answers A. Contract of
adhesion.
As an insurance legal professional, Mehmet understands the
importance of representations and warranties in insurance
policies. He knows that
Select one:
