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NEW QUESTION 36
A married couple have equal shares in a property and are insured under a buildings insurance policy. What is the likely position in law of a breach of good faith by one party, which was unknown to the other party?
- A. Cover would be maintained in full for the innocent party as the cover is likely to be a composite policy.
- B. Cover for both parties would be invalidated as the cover is likely to be a composite policy.
- C. Cover for both parties would be invalidated as the cover is likely to be a joint policy.
- D. Cover would be maintained in full for the innocent party as the cover is likely to be a joint policy
Answer: C
NEW QUESTION 37
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of an express term in reaching or recording an agreement?
- A. It may be oral or in writing.
- B. It will usually override any implied term which conflicts with it.
- C. It must be evidenced in documentary form.
- D. It may be implied by conduct.
Answer: A,B
NEW QUESTION 38
A claimant may possibly recover money transferred under an illegal contract when
- A. the illegality makes the contract voidable rather than void.
- B. both parties to the contract are equal in wrongdoing.
- C. the legal portion of the contract can be severed from the illega portion.
- D. the contract is against public policy but not substantive law.
Answer: B
NEW QUESTION 39
At what stage is insurable interest required for a marine cargo insurance policy?
- A. At inception of the policy only.
- B. At the time of the loss only.
- C. Throughout the duration of the contract.
- D. At both inception of the policy and at the time of the loss.
Answer: B
NEW QUESTION 40
How can an agency relationship be best described?
- A. A person, who has paid another party under a contract, has the right to stand in the place of that other party and avail himself of the rights and remedies of that party.
- B. A person has transferred his obligations under a contract to another party.
- C. A person has the authority to act on behalf of another party.
- D. A person has ratified another party's action.
Answer: C
NEW QUESTION 41
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