Someone who engages in insider trading: a. may be prosecuted by ...

[javeds]

Someone who engages in insider trading:
 a. may be prosecuted by the SEC
  b. may lose their U.S. citizenship
  c. may be required to serve a certain number of community service hours d. may be prosecuted by the governor of their state
  e. none of the other choices are correct

Question 2

Conditions Precedent. Larry McLanahan's 1985 Lamborghini was stolen, and by the time McLanahan recovered the car, it had been extensively damaged. The car was insured by Farmers Insurance Co of Washington under a policy providing comprehensive coverage, including coverage for theft. A provision in the policy stated that the coverage for theft damages was subject to certain terms and conditions, including the condition that any person claiming coverage under the policy must allow Farmers to inspect and appraise the damaged vehicle before its repair or disposal. McLanahan, without notifying Farmers and without giving Farmers an opportunity to inspect the vehicle, sold the car to a wholesale car dealer. Farmers then denied coverage, and McLanahan brought suit to recover for the damages caused to his car by the theft. Did McLanahan have a valid claim against the insurance company? Explain.

[ambernicolefink]

Answer to Question 1

a

Answer to Question 2

Conditions precedent
The trial court dismissed McLanahan's claim. On McLanahan's appeal, the state appellate court affirmed the decision. The court explained, Mr. McLanahan knew of, and agreed to abide by, the requirement under the policy that Farmers be allowed to inspect the damaged Lamborghini as a condition precedent to recovery for damage due to theft. Instead, he sold the vehicle. Accordingly, the trial court's findings support its conclusion that Mr. McLanahan breached the contract, thus relieving Farmers of any obligation to pay.