Contract Law

Rescission of a contract

An intentional or unintentional concealment entitles the affected party to which of the following?

Contract that are prepared by one party and submitted to the other party on a take-it-or-leave-it basis are classified as

Contracts of adhesion

Express warranty

Factual statements about the insured or the risk in an insurance policy are considered

Unilateral

In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe?

A written instrument in which a contract of insurance is set forth

Insurance policy is

Implied warranties

Representations in insurance contracts qualify as

Unilateral

If only one party to an insurance contract has made a legally enforceable promise, what kind of contract is it?

Consideration

Something of value exchanged between the insurer and the insured is considered an

The materiality of a given concealment

The importance of a misrepresentation is determined by

Tort

What is a wrongful act or the violation of someone's rights that leads to legal liability called?

A contract between an insured and an insurer that guarantees payment for loss caused by a specific event

Which of the following best defines an insurance policy?

Discontinuance of an insurance policy by the insured on the policy anniversary date

Which of the following best describes the policy nonrenewal?