A property was listed for $220,000. The seller accepts an offer for $215,000 which included a $2,500 earnest money check. The sales price in the contract would be:

Mary will receive $12,000 per year for the next 10 years as royalty for her work on a finance book. What is the present value of her royalty income if the opportunity cost is 12 percent?

A) $120,000 B) $ 67,800 C) $ 38,640 D) $ 72,560

Joe has a dispute with his insurance company regarding how much he is entitled to recover on a claim. Joe believes he is entitled to get $8,000 based upon his interpretation of the policy wording

The insurer says the claim is not covered by the policy. Joe sues and a court of law decides that the policy wording is vague and ambiguous, and rules that the loss IS covered. What legal characteristic of insurance resulted in the court's decision? A) Insurance is aleatory. B) Insurance is a contract of indemnity. C) Insurance is a contract of adhesion. D) Insurance is personal.