CPCU 530 - Practice Exam
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CPCU 540: Contributing to Financial... CPCU 551 Full CPCU 500 Exam Study Guide CPCU 5
273 terms 168 terms 357 terms 44 terms
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Miguel seeks to insure his personal auto to comply with An express contract
state regulations. He contacts an insurance agent who 1 multiple choice option
provides Miguel with a personal auto policy with Atlas
Motorist Insurance Company ("Atlas"). Which one of the
following best describes the contractual relationship
between Miguel and Atlas?
Maria owns a commercial building and places insurance A bilateral contract
with Bastion Insurance. Because the annual premium is 3 multiple choice options
high, and cash is tight, Maria decides to enter into a
premium finance agreement with Finance Co. ("Finance").
Under the premium finance agreement, Finance pays
Bastion the full annual premium and Maria pays Finance a
monthly amount for the premium, a fee and interest. At
the midpoint of the policy year, which one of the
following best describes Maria's premium finance
agreement with Finance?
Daniel offers a ride to Lily, a ten-year-old, and takes her It lacks a legal purpose.
to his house where he locks her in his cellar and demands 3 multiple choice options
money from Lily's parents to secure her return. The
parents agree to pay and Lily is returned, but Daniel
never receives the money. He sues Lily's parents for
breach of contract. Which one of the following explains
why Daniel's contract with Lily's parents is not legally
binding?
, Tool Corporation has operated successfully for decades, Chapter 11
but in recent years stiff price competition from overseas
3 multiple choice options
suppliers and a lack of skilled labor at affordable prices
have made the company unprofitable. Tool Company has
incurred substantial debt to keep the operation running
and save jobs, but they can no longer access bank
financing. Tool Company believes that it can return to
profitability if it reorganizes. Under which chapter of the
bankruptcy code should Tool Corporation file?
Located in a small midwestern town, Bin's Deli hires Employment at will
youthful workers and pays hourly wages. None of their 3 multiple choice options
employees are members of a protected class. Which one
of the following legal concepts permits Bin's Deli to
release any of its employees at any time for any reason,
or no reason?
Fernanda runs a warehouse in New Jersey. The business is UCC Article 7 permits Fernanda to limit her liability through terms in the
successful because it has major highway access and is warehouse receipt.
close to major consumer markets. Manufacturers from 3 multiple choice options
around the country store goods bound for Northeastern
customers at Fernanda's warehouse. Given the large
amount of goods stored by others in her warehouse,
Fernanda is concerned about her exposure if something
happens to the warehouse or the goods, so she seek
advice from a lawyer about how to limit her exposure to
loss. Which one of the following best describes
Fernanda's options in addressing this liability?
In February, Ann contracts with Mahdi to deliver clean The court would find for Mahdi because Ann's goods are non-conforming.
garden top soil for $30 a cubic yard to Mahdi's farm in 3 multiple choice options
Pennsylvania. No time for delivery is stated in their
contract but the parties understand that Mahdi wants to
use the soil for this year's planting season. In March, Ann
delivers garden soil that is contaminated and Mahdi
refuses to pay because he believes Ann breached their
agreement. Which one of the following best describes
how a court would rule on Mahdi's claim that Ann
breached their agreement?
Diego and Georgia meet in a bar and enjoy cocktails Diego lacked capacity to enter into a contract because he was inebriated.
together. Diego has many more drinks than Georgia and 2 multiple choice options
is stumbling and slurring his speech. Sensing an
opportunity, Georgia proposes that Diego sell her his
expensive Swiss wristwatch for a mere $100 and Diego
agrees. The next day, Georgia appears at Diego's office
with $100 asking for the wristwatch. Which one of the
following arguments is best for Diego to avoid the
contract?
Save
Students also studied
CPCU 540: Contributing to Financial... CPCU 551 Full CPCU 500 Exam Study Guide CPCU 5
273 terms 168 terms 357 terms 44 terms
Jacob_Krause21 Preview jjgriff12 Preview coolkid7892 Preview bre
Miguel seeks to insure his personal auto to comply with An express contract
state regulations. He contacts an insurance agent who 1 multiple choice option
provides Miguel with a personal auto policy with Atlas
Motorist Insurance Company ("Atlas"). Which one of the
following best describes the contractual relationship
between Miguel and Atlas?
Maria owns a commercial building and places insurance A bilateral contract
with Bastion Insurance. Because the annual premium is 3 multiple choice options
high, and cash is tight, Maria decides to enter into a
premium finance agreement with Finance Co. ("Finance").
Under the premium finance agreement, Finance pays
Bastion the full annual premium and Maria pays Finance a
monthly amount for the premium, a fee and interest. At
the midpoint of the policy year, which one of the
following best describes Maria's premium finance
agreement with Finance?
Daniel offers a ride to Lily, a ten-year-old, and takes her It lacks a legal purpose.
to his house where he locks her in his cellar and demands 3 multiple choice options
money from Lily's parents to secure her return. The
parents agree to pay and Lily is returned, but Daniel
never receives the money. He sues Lily's parents for
breach of contract. Which one of the following explains
why Daniel's contract with Lily's parents is not legally
binding?
, Tool Corporation has operated successfully for decades, Chapter 11
but in recent years stiff price competition from overseas
3 multiple choice options
suppliers and a lack of skilled labor at affordable prices
have made the company unprofitable. Tool Company has
incurred substantial debt to keep the operation running
and save jobs, but they can no longer access bank
financing. Tool Company believes that it can return to
profitability if it reorganizes. Under which chapter of the
bankruptcy code should Tool Corporation file?
Located in a small midwestern town, Bin's Deli hires Employment at will
youthful workers and pays hourly wages. None of their 3 multiple choice options
employees are members of a protected class. Which one
of the following legal concepts permits Bin's Deli to
release any of its employees at any time for any reason,
or no reason?
Fernanda runs a warehouse in New Jersey. The business is UCC Article 7 permits Fernanda to limit her liability through terms in the
successful because it has major highway access and is warehouse receipt.
close to major consumer markets. Manufacturers from 3 multiple choice options
around the country store goods bound for Northeastern
customers at Fernanda's warehouse. Given the large
amount of goods stored by others in her warehouse,
Fernanda is concerned about her exposure if something
happens to the warehouse or the goods, so she seek
advice from a lawyer about how to limit her exposure to
loss. Which one of the following best describes
Fernanda's options in addressing this liability?
In February, Ann contracts with Mahdi to deliver clean The court would find for Mahdi because Ann's goods are non-conforming.
garden top soil for $30 a cubic yard to Mahdi's farm in 3 multiple choice options
Pennsylvania. No time for delivery is stated in their
contract but the parties understand that Mahdi wants to
use the soil for this year's planting season. In March, Ann
delivers garden soil that is contaminated and Mahdi
refuses to pay because he believes Ann breached their
agreement. Which one of the following best describes
how a court would rule on Mahdi's claim that Ann
breached their agreement?
Diego and Georgia meet in a bar and enjoy cocktails Diego lacked capacity to enter into a contract because he was inebriated.
together. Diego has many more drinks than Georgia and 2 multiple choice options
is stumbling and slurring his speech. Sensing an
opportunity, Georgia proposes that Diego sell her his
expensive Swiss wristwatch for a mere $100 and Diego
agrees. The next day, Georgia appears at Diego's office
with $100 asking for the wristwatch. Which one of the
following arguments is best for Diego to avoid the
contract?
