Jacob sold his house to Shelia for $140,000 in cash. Jacob "threw in" insurance on the house as part of the deal and did not bother telling the insurer that there was a new owner
Four months after Shelia purchased the home, a windstorm damaged the roof. Which of the following legal characteristics of insurance contracts could the insurer use to legally deny payment for the damage to the roof?
A) Insurance contracts are unilateral contracts.
B) Insurance contacts are contracts of adhesion.
C) Insurance contracts are aleatory contracts.
D) Insurance contracts are personal contracts.
Answer: D
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A married couple are planning to purchase a home. If they want to take title in such a way as to be able to will their separate interest, they should take title as:
a. community property b. joint tenants c. limited partners d. any of the above
After the need has been determined, the next step in the buying sequence is ________ for the product or service needed
A) determining the characteristics B) establishing specifications C) searching for and qualifying potential suppliers D) requesting proposals from qualified suppliers