Contract Law Terms

Question 1

Consideration

Answer 1

To an exchange of value. Binding force in any contract.

Question 2

Fraud

Answer 2

Falsification. To misrepresent.

Question 3

Falsehood

Answer 3

The state of being untrue.

Question 4

Insurance policy

Answer 4

A contract between policyowner an insurance company wich agrees to
pay the insured or beneficiary for loss caused by specific event

Question 5

Insured

Answer 5

Covered by insurance

Question 6

Insurer

Answer 6

Insurance company

Question 7

Beneficiary

Answer 7

Is the individual or individuals who the policyowner has named to receive benefits of the policy.

Question 8

Contracts

Answer 8

Are written agreements that are legally enforceable by law.

Question 9

Abide

Answer 9

To support,stand,or stick out.

Question 10

Tort

Answer 10

An injury or wrong.

Is a private,civil,non contractual wrong for which a remedy throug a legal action may be sought.

Question 11

Deliberate

Answer 11

Careful,cautious.

Question 12

Sought

Answer 12

Try to obtain.

To go in search of.

Question 13

Breach

Answer 13

Fail to comply with
Infraction or violation of a law, obligation,tie, or standard
Break / Violate

Question 14

Negligence

Answer 14

Carelessness

Question 15

Intentional tort

Answer 15

Any deliberate act that causes harm to another person regardless of wetherthe offending party intended to injured the agreeved party.

Question 16

Unintentional tort

Answer 16

The result of acting with out proper care.

This is generally referred to as negligence.

Question 17

Insurer’s consideration

Answer 17

Is the promiseto pay for losses.

Question 18

Insured’s consideration

Answer 18

Is the premium and statements on the application.

Question 19

Competent

Answer 19

Meeting certain minimum requirements of age,soundness of mind, or the like.

Question 20

Competent Parties

Answer 20

Must be capable of entering to a contract in the eyes of the law.
Generally this requires that both parties be of legal age,mentally competent to understand the contract, and not under the influence of drugs or alcohol.

Question 21

Legal Purpose

Answer 21

The purpose of the contract must be legal and can not go agents public policy.