Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

Which of the following is the best functional definition of

insurance? -A legal contract by which...
Which of the following is the best functional definition of insurance?
-A legal contract by which the insurer, in return for consideration, agrees to pay another person if a stated loss or injury occurs.
-A legal contract by which an insurance company, in return for premiums, agrees to pay the policyholder if a certain event occurs.
-A written promise by the insurer to pay the beneficiary if loss occurs from the occurrence of a contingent event.
-A writing issued by an insurance company, for a consideration, that promises to indemnify a beneficiary for a loss from an existing risk or one that arises later.
The distinction between contracts that are covered by the UCC and those that are not is
-Basically dependent upon whether the subject matter of the contract involves the purchase or sale of goods.
-Based upon the dollar amount of the contract.
-Dependent upon whether the statute of frauds is involved
-Of relatively little or no imporatnce because the laws are invariably the same
Show More
Show Less
Ask Your Own Business Law Question
Answered in 23 minutes by:
10/4/2009
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
Verified
The answer to both is is a, the first selection..
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
Verified
lwpat and 87 other Business Law Specialists are ready to help you
Ask your own question now
Customer reply replied 8 years ago

Thanks. I have a few more questions. I will pay again if I have to.

 

Casassa, a merchant in San Francisco, under the terms of a nonshipment contract, agrees to sell 50 cases of packaged macaroni to Paoli. a restaurant owner whose business is in San Jose. At the time of contracting for the sale, both parties are aware that these identified goods are in a warehouse in Fresno. The place for delivery is not specified in the agreement. On the basis of these facts, teh place for delivery is

-San Francisco

-San Jose

-Fresno

-Indefinite, and the contract is unenforceable

 

Taylor signed and mailed a letter to Peel that stated: "Ship promptly 600 dozen grade A eggs." Taylor's offer

-May be accepted only by a prompt shipment

-May be accepted by either a prompt promise to ship or prompt shipment

-Is invalid because the price term was omitted

-Is invalid because the shipping term was omitted

 

Filmore purchased a TV set from Allison Appliances, an authorized dealer, for $499. The written contract contained the usual 1-year warranty as to parts and labor as long as the set was returned to the manufacturer or one of its authorized dealers. The contract also contained an effective disclaimer of any express warranty protection, other than that included in the contract. It further provided that the contract represented the entire agreement and understanding of the parties. Filmore claims that during the bargaining process Surry, Allison agent, orally promised to service the set at Filmore's residence if anything went wrong within the year. Which of the following would be Allison's best defense?

-The statute of frauds

-The parol evidence rule

-All warranty protection was disclaimed other than the express warranty contained in the contract

-Surry, Allison's agent, did not have express authority to amke such a promise

 

The UCC provides rules of construction that allow unclear contracts to be read in the context of commercial practices and other surrounding circumstances. When the application of these rules result in a conflict, what hierarchy does the UCC establish with regard to the following? 1. Course of performance 2. Course of dealing 3. Usage of trade 4. Express terms

-3,4,2,1

-4,2,3,1

-4,1,2,3

-2,4,1,3

 

To satisfy the UCC statute of frauds, a written agreement for the sale of goods must

-Contain payment terms

-Be signed by both buyer and seller

-Indicate that a contract for sale has been made

-Refer to the time and place of delivery

 

Assume that the parties have entered into a contract for the sales of goods. Which of the following is a false statement under the UCCC?

-Retention of title by the seller to goods delivered to the buyer is, in effect, a reservation of a security interest.

-Title to goods may pass under a contract for sale prior to identification to the contract

-Title can pass to the buyer when the seller completes physical delivery of the goods if a document of title is to be delivered at a different time or place.

-Identification of the goods to the contract gives the buyer an insurable interest in the goods even before delivery

 

To negotiate an instrument payable to bearer, one must

-Transfer possession of, and endorse, the instrument.

-Transfer possession of the instrument

-Endorse the instrument

-Endorse and transfer possession of the instrument with consideration

 

Anna Karr transferred a negotiable instrument payable to her order in exchange for value to XXXXX XXXXX. Karr did not endorse the instrument. As a result of the transfer, Watson,

-Obtains such rights as the transferor had in all cases

-Can become a holder only if the instrument is endorse and possession is transferred at the same time

-Is presumed to be the owner of the instrument because she gave value

-Is entitled to an unqualified endorsement by Karr

 

C-Fresno

B-May be accepted by either a prompt promise to ship or prompt shipment

B-The parol evidence rule

C-4,1,2,3

C-Indicate that a contract for sale has been made

B-Title to goods may pass under a contract for sale prior to identification to the contract

C-Endorse the instrument

D-Is entitled to an unqualified endorsement by Karr

Been awhile since I have done these so the answers are without representation. If you have a question about one just advise. Here is a UCC site that will be of assistance

http://www.law-school-books.com/commercial-law.html
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
Experience: Attorney with over 35 years of business experience.
Verified
lwpat and 87 other Business Law Specialists are ready to help you
Ask your own question now
Ask lwpat Your Own Question
lwpat
lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25,387
25,387 Satisfied Customers
Experience: Attorney with over 35 years of business experience.

lwpat is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have a small business I have two contracts in a mine two
I have a small business I have two contracts in a mine two different planners asked me to do work I was told by several mine employees that one was the priority so I did that work the other planner go… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,712 satisfied customers
Looking a the corporate practice of medicine in Illinois
Looking a the corporate practice of medicine in Illinois what are the ownership requirements, can a chiropractor own a medical practice … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I have a business contract case.The company closed years
I have a business contract case.The company closed years back, but since I was a personal guarantor there was a suit against me. The lawyer asked for discovery and I did not comply, and now the hearin… read more
Ray
Ray
Lawyer
Doctoral Degree
30,865 satisfied customers
Business consultant. I started a new business that will
business consultant. I started a new business that will offer 50 percent discounts on products and services. How can I get an email list of potential users of my new product? Either how grown or purch… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
I am beginning a website and need a legal disclaimer. I have
I am beginning a website and need a legal disclaimer. I have written one, but wonder: … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,689 satisfied customers
Is it regular practice to name a old debtors as defendants
is it regular practice to name a old debtors as defendants in a new Fraudulent conveyance case??… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,698 satisfied customers
I am in Connecticut and I started a medical practice as an
Hi I am in Connecticut and I started a medical practice as an LLC with my brother with both of us as 50/50 members. The LLC is located in a building. Currently we are have a disagreement and I am wond… read more
Damien Bosco
Damien Bosco
3,388 satisfied customers
I'm starting a general contracting business in Chicago. I'm
Hello. I'm starting a general contracting business in Chicago. I'm considering forming an LLC as a holding company for future DBAs for each part of the business, including construction, cleaning/maint… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
996 satisfied customers
This is a question about compliance for medical practices
This is a question about compliance for medical practices and chiropractors. We have a med spa business concept that involves offering our brand, access to pharmaceutical discounts, and expertise to h… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
I would like to write up a business sale contract of some
I would like to write up a business sale contract of some parts I sold to be paid in 2 years. Do you offer such custom contract?… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
Can a medical doctor operate in a private practice owned by
Can a medical doctor operate in a private practice owned by her medical doctor spouse, as an extender and be paid a salary as opposed to being paid fee for service? We are in the state of TN. … read more
lawyerJ
lawyerJ
Juris Doctorate
143 satisfied customers
I own a small business, when bought I had a contract with my
I own a small business, when bought I had a contract with my brother he gets 25% and my mom gets 25%. However he has never paid taxes on the money I've given him and my mother and now he says he wants… read more
Barrister
Barrister
Attorney
Doctoral Degree
646 satisfied customers
I have an investment contract with a local business. I was
I have an investment contract with a local business. I was suppose to get 30% of profits monthly. They have defaulted on the agreement. What can I do? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
996 satisfied customers
Question about business/contract law breach of contract and
question about business/contract law breach of contract and file a complaint I like to consult with an attorney preferably from ILLINOIS… read more
Damien Bosco
Damien Bosco
3,388 satisfied customers
I took out a business contract which ran for 5 years and
I took out a business contract which ran for 5 years and included insurance via separate insurers. I received no insurance policy documents at the time of signing. Both companies are regulated by the … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
Is a contract from a business that can not be found in the
Is a contract from a business that can not be found in the database of the Secretary of Texas (we think it's a fake company) valid and enforceable? … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
A question about contract consideration. Hypothetical.
A question about contract consideration. Hypothetical.Please take at face value.Landlord and tenant enter into a commercial lease for 24 months for a commercial suite. Landlord obtains a personal guar… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x