Review Cards

Question 1

Tort

Answer 1

private or civil wrongs other than breach of contract (for which the court will remedy by awarding damages)

Question 2

Damages

Answer 2

Monetary compensation for loss or damage suffered

Question 3

Doctrine of Negligence

Answer 3

The duty of all people to exercise due care in conduct towards others from which injury may result (everyone is required to be careful when doing activity that can harm others)

Question 4

Trespass

Answer 4

Unlawful intereference with one’s person, property or rights

Question 5

Easement

Answer 5

Right of a person to use land belonging to others

Question 5

False Arrest

Answer 5

False imprisonment, but includes detaining the victim with the intention of prosecution

Question 5

False Imprisonment

Answer 5

Holding someone against their will without lawful justification

Question 6

2 conditions to prove malicious prosecution

Answer 6

Plaintiff was arrested and later released

Evidence revealed that the person making the complaint did not have an honest belief a crime was committed. He was guided by improper motives (i.e. harassment or humiliation)

Question 7

Freight

Answer 7

Money paid to hire a vessel or convey cargo from one port to another

Question 7

Defamation

Answer 7

Statement that causes unjustified injury to a person’s reputation (leads to loss of respect, confidence or goodwill or a considerable part of the community

Question 8

Constructive total loss

Answer 8

When the cost of salvaging cargo is too high relative to the value saved

Question 9

Particular average

Answer 9

Partial loss to a shipment that isn’t a general average

Question 10

Suretyship

Answer 10

Guarantee of performance made by one person or entity for another

Question 11

Surety bond

Answer 11

Undertaking by the surety to become accountable to the obligee for the performance of an obligation by a principal. Promise to provide credit if needed to ensure performance of the obligation.

Question 12

License

Answer 12

Issued by a regulatory body to safeguard the public (with rules and regulations)

Question 13

Risk Management

Answer 13

Process of making and carrying out decisions that will minimize the adverse effects of accidental losses on the organization

Question 14

Going concern value

Answer 14

Difference between the value of the property that must be sold after a loss and its value had the business continued

Question 15

Separation

Answer 15

Dividing an asset or operation into 2 or more separate units

Question 16

Segregation

Answer 16

Arranging of an organization’s activities and resources so no single event can cause losses to both at once

Question 17

Duplication

Answer 17

Complete reproduction of an organization’s assets (keep a backup)

Question 18

3 insured contracts

Answer 18

elevator agreement, easement, lease of premises

Question 19

Examples of intangible property

Answer 19

Leasehold interest, copyright, patents, licenses

Question 20

Tort exposure examples

Answer 20

Nuisance, trespass, negligence

Question 21

Your client, bob is a very outspoken business person. As a result, he recently became the subject of a defamation lawsuit for slandering a rival business. Where does the burden lie and what defense might Bob raise in court?

Answer 21

The burden lies with the defendant to show that his statement(s) were true