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CPCU 530 Exam Questions with Correct Answers
CPCU 530 Exam Questions with Correct Answers Which one of the following best describes equity courts in the United States federal judicial system? - Answer-Modern equity courts in the U.S. federal system are unified with courts of law. Judges, not juries, can use the broad powers of equity to create fair solutions beyond what traditional legal remedies can offer. Physician Betty administered medical services to stroke victim Karl who was unconscious. She provided medication and directio...
- Exam (elaborations)
- • 36 pages •
CPCU 530 Exam Questions with Correct Answers Which one of the following best describes equity courts in the United States federal judicial system? - Answer-Modern equity courts in the U.S. federal system are unified with courts of law. Judges, not juries, can use the broad powers of equity to create fair solutions beyond what traditional legal remedies can offer. Physician Betty administered medical services to stroke victim Karl who was unconscious. She provided medication and directio...
CPCU 530 Exam Questions and Answers All Correct
CPCU 530 Exam Questions and Answers All Correct Civil Law - Answer-Comprehensive codes of written laws or statutes that apply to all legal questions. These systems rely on scholarly interpretations of their codes and constitutions rather than on court decisions Common Law - Answer-Body of law derived from court decisions as opposed to statutes or constitutions. Doctrine of Stare Decisis - Answer-Principle that lower courts must follow precedents set by higher courts Substantive Law -...
- Exam (elaborations)
- • 27 pages •
CPCU 530 Exam Questions and Answers All Correct Civil Law - Answer-Comprehensive codes of written laws or statutes that apply to all legal questions. These systems rely on scholarly interpretations of their codes and constitutions rather than on court decisions Common Law - Answer-Body of law derived from court decisions as opposed to statutes or constitutions. Doctrine of Stare Decisis - Answer-Principle that lower courts must follow precedents set by higher courts Substantive Law -...
CPCU 530 2023 Exam Questions and Answers All Correct
CPCU 530 2023 Exam Questions and Answers All Correct Doctrine of stare decisis - Answer-The principle that lower courts must follow precedents set by higher courts. Equity - Answer-Fairness, or a body of principles constituting what is fair and right. Criminal law - Answer-The branch of the law that imposes penalties for wrongs against society. Civil Law - Answer-A classification of law that applies to legal matters not governed by criminal law and that protect rights and provides rem...
- Exam (elaborations)
- • 26 pages •
CPCU 530 2023 Exam Questions and Answers All Correct Doctrine of stare decisis - Answer-The principle that lower courts must follow precedents set by higher courts. Equity - Answer-Fairness, or a body of principles constituting what is fair and right. Criminal law - Answer-The branch of the law that imposes penalties for wrongs against society. Civil Law - Answer-A classification of law that applies to legal matters not governed by criminal law and that protect rights and provides rem...
CPCU 530 Practice Test Questions with Correct Answers
CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of ...
- Exam (elaborations)
- • 25 pages •
CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of ...
CPCU 530 Test Questions with Correct Answers
CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or ...
- Exam (elaborations)
- • 9 pages •
CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or ...
CPCU 530 II Exam Questions with Correct Answers
CPCU 530 II Exam Questions with Correct Answers What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured ...
- Exam (elaborations)
- • 21 pages •
CPCU 530 II Exam Questions with Correct Answers What is an insurance contract? - Answer-A contract where the policyholder pays premiums and the insurer promises to cover losses. What are the five main parts of a common insurance contract? - Answer-Declarations page, definitions section, insuring agreement, exclusions, and conditions. What information is included in the declarations page of an insurance contract? - Answer-Address of insured property, deductibles, description of insured ...
CPCU 530 Chapter 2 Exam Questions and Answers All Correct
CPCU 530 Chapter 2 Exam Questions and Answers All Correct Contract - Answer-A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisor - Answer-The party to a contract making a promise Promisee - Answer-The party to a contract to whom a promise is made Privity of contract - Answer-The relationship that exists between the parties to a contract Third-party beneficiary - Answer-A person who is not a party to a contract but who ...
- Exam (elaborations)
- • 6 pages •
CPCU 530 Chapter 2 Exam Questions and Answers All Correct Contract - Answer-A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisor - Answer-The party to a contract making a promise Promisee - Answer-The party to a contract to whom a promise is made Privity of contract - Answer-The relationship that exists between the parties to a contract Third-party beneficiary - Answer-A person who is not a party to a contract but who ...
CPCU 530 Chapter 6 Exam Questions and Answers
CPCU 530 Chapter 6 Exam Questions and Answers Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, that invades a legally protected right Tortfeasor - Answer-A person or organization that has committed a tort Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party Defendant - Answer-The party in a lawsuit against whom a complaint is filed Legal duty - Answer-An obligation imposed by law for the preservation of the legally ...
- Exam (elaborations)
- • 9 pages •
CPCU 530 Chapter 6 Exam Questions and Answers Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, that invades a legally protected right Tortfeasor - Answer-A person or organization that has committed a tort Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party Defendant - Answer-The party in a lawsuit against whom a complaint is filed Legal duty - Answer-An obligation imposed by law for the preservation of the legally ...
CPCU 530 Practice Exam Questions and Answers
CPCU 530 Practice Exam Questions and Answers common stock - Answer-An ownership interest in a corp that gives stockholders certain rights and privileges, such as the right to vote on important matters and to receive dividends preferred stock - Answer-Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence Par value - Answer-An arbitrary dollar value that an organization assigns...
- Exam (elaborations)
- • 52 pages •
CPCU 530 Practice Exam Questions and Answers common stock - Answer-An ownership interest in a corp that gives stockholders certain rights and privileges, such as the right to vote on important matters and to receive dividends preferred stock - Answer-Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence Par value - Answer-An arbitrary dollar value that an organization assigns...
CPCU 530 Chapter 4 Test Questions with Correct Answers
CPCU 530 Chapter 4 Test Questions with Correct Answers Statutes of Fraud - Answer-A collection of laws that help prevent parties from becoming involved in fraudulently formed contracts. COD (Collect on Delivery) - Answer-A shipping condition under which the buyer pays when the goods are delivered and has no right to inspect the goods as a condition to acceptance and payment. Implied Warranty of Merchantability - Answer-An implied warranty that a product is fit for the ordinary purpose...
- Exam (elaborations)
- • 4 pages •
CPCU 530 Chapter 4 Test Questions with Correct Answers Statutes of Fraud - Answer-A collection of laws that help prevent parties from becoming involved in fraudulently formed contracts. COD (Collect on Delivery) - Answer-A shipping condition under which the buyer pays when the goods are delivered and has no right to inspect the goods as a condition to acceptance and payment. Implied Warranty of Merchantability - Answer-An implied warranty that a product is fit for the ordinary purpose...
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