AIC 301 FINAL EXAM PREP QUESTIONS 2024/2025 WITH COMPLETE STUDY QUESTIONS WITH ANSWERS GUARANTEED PASS

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AIC 301 FINAL EXAM PREP QUESTIONS 2024/2025 WITH COMPLETE STUDY QUESTIONS WITH ANSWERS GUARANTEED PASS Gabriela is an insurance agent selling a property policy to Oscar. Before the policy was issued... , Gabriela assured Oscar that he would not have to add a sprinkler system to the building he was insuring. After coverage was bound, there was a fire in the building and Oscar made a claim for the damages. The insurer denied coverage citing a policy provision that the building be sprinklered. At trial, Gabriela's assurance that sprinklers were not needed was Select one: A. Admissible because her statement created an implied waiver. B. Inadmissible because the insurer's receipt of premium created an implied waiver. C. Admissible because the insurer did not inspect the building before coverage. D. Inadmissible because the parole evidence rule applies. - Answer>>> D. Inadmissible because the parole evidence rule applies. Vladimir and Chin are neighbors and would like to enter into a contract to equally share in the cost to construct a new block wall between their houses. Vladimir contacts a contractor who provides a bid and he asks Chin to sign off on it. Chin refuses. Vladimir becomes upset and threatens to sue Chin if he does not sign off. Reluctantly, Chin signs. Is this a voidable contract? Select one: A. Yes, because Vladimir exercised undue influence over Chin who became fearful of Vladimir. B. Yes, because Vladimir's relationship with Chin was such that Chin was compelled to sign. C. No, because all four of the elements of an enforceable contract remain intact. D. No, because threat of a lawsuit is not considered sufficient to deprive Chin of his free will. - Answer>>> D. No, because threat of a lawsuit is not considered sufficient to deprive Chin of his free will. George left his camera at the repair shop to be fixed. An unknown arsonist burned the shop to the ground, destroying George's camera. The fire marshal found no fault with any of the repair shop's fire protection practices and systems. Under the circumstances, Select one: A. The bailee is not responsible for the destruction of the camera. B. The bailee and bailor are equally at fault for the destruction of the camera. C. The bailee is responsible for the destruction of the camera. D. The bailor is at fault for the destruction of the camera. - Answer>>> A. The bailee is not responsible for the destruction of the camera. 2 | P a g e 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 - Answer>>> 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. Which one of the following presents the two central elements that can give rise to an estoppel? Select one: A. Knowledge and intentional relinquishment of a known right B. Reliance and detriment C. Incorrect statement of facts and intent D. Voluntary choice and inconsistent rights or privileges - Answer>>> B. Reliance and detriment If Zelda agrees to paint Amy's fingernails for $15 twice a month, Zelda and Amy have formed Select one: A. A unilateral contract. B. An implied-in-law contract. C. An irrevocable contract. D. A bilateral contract. - Answer>>> D. A bilateral contract. [Show More]

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