Lare Exam 1()questions And Answers 100% Correct

Peril {Ans: the cause of a loss}Anti-Assignment {Ans: These provisions are commonly included in contracts and are also known as "anti-alienation" provisions. They commonly provide that a party to the contract may not transfer their interest in the contract to a third party without consent of the other party to the contract}Insurance {Ans: A financial contract that allos a business to shift or transfer the economic impact of relatively large, uncertain losses to an insurer to return for relatively-small, certain losses, the premium payment.}Firm Offer {Ans: As a general rule, a mere promise to keep an offer open for a certain time is not enforceable under the common law (due to the absence of consideration). When an offer is within the scope of Article 2 of the uniform commercial code and the offeror promises to keep it open for a certain time, it is said to be a "firm offer". If the detailed requirements of the UCC are met, that offer is enforceable even though there is no consideration.}Descriptive Specification {Ans: Specifications that is a detailed written description of the required properties of a product or material, and the workmanship required for its proper installation}Causation