Author Question: Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his ... (Read 58 times)

gonzo233

  • Hero Member
  • *****
  • Posts: 557
Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his patrons play the machines, and Mark keeps any profits.
 
  This type of gambling is illegal where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated by the police. Such an insurance contract would not be enforceable. Which requirement needed to form a valid insurance contract is missing?
  A) consideration
  B) offer and acceptance
  C) legal purpose
  D) competent parties

Question 2

Dave is an agent for Easy Pay Insurance. Easy Pay insures only high-quality applicants. Dave wanted to earn more commissions, so he sold some policies to applicants he knew were below-average risks.
 
  When these policyowners started filing claims, Easy Pay tried to deny the claims stating that Dave had not acted appropriately. Which general rule of agency makes Easy Pay responsible for the claims of the higher-than-average risk policyowners?
  A) There is no presumption of an agency relationship.
  B) Agents should be compensated based on the quality of the business they generate.
  C) A principal is responsible for the acts of its agents who are acting within the scope of their authority.
  D) An agent must have authority to represent the principal.



ashely1112

  • Sr. Member
  • ****
  • Posts: 347
Answer to Question 1

Answer: C

Answer to Question 2

Answer: C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

For a complete list of videos, visit our video library