A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice.  T/F?

What is the basis for enforcing a contract under the doctrine of promissory estoppel?

Granite Insurance Company entered into a treaty reinsurance agreement with Rock Solid Reinsurance (RSR). Granite's retention limit is $400,000 and RSR agreed to provide reinsurance for up to $2.0 million. If Granite writes an $800,000 policy, RSR is responsible for 50 percent of the losses. If Granite insures a $1.6 million risk, RSR is responsible for 75 percent of any losses. What type of reinsurance arrangement did Granite enter into with RSR? ما A) reinsurance pool B) surplus share reinsurance C) facultative reinsurance D) excess of loss reinsurance

True /false The variation of transport cost by FOB, CFR /CIF brings more or less costs and changes the nature of the terms. Under FOB, insurance is an obligation for importer. DAT is only for sea or inland waterway transportation mode. Institute War/Strike Clause also have independent and complete structure, but can be covered separately only after agreement from the insurer according to ICC. Under FCA, a seller is responsible for loading and unloading cargo at any agreed delivery point. Under FOB, insurance is an obligation for importer.

Shawn buys 50 widgets at a store closing sale. He buys the widgets intending to use them around the house. He only uses 25, though, and decides to sell the remaining widgets online. Shawn lives in Colorado. He finds an individual buyer, Victoria, in Italy. Does the CISG apply if there is an issue with this contract? O No, because at least one party must be a merchant. Yes, because the contract does not state that the CISG does not apply. O Yes, because the CISG automatically applies when two signatory country parties enter into a contract. No, because the contract does not state that the CISG applies. O No, because these are two consumers.

In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.

Under our NCC, an heir may institute an action for rescission of a rescissible contract in his capacity as a representative or successor-in-interest of a person who suffers from lesion or of the creditor who is defrauded. Suppose, however, that it can be established that the decedent, during his lifetime, entered into a contract with another in order to defraud him of his legitime, can he institute an action for the rescission of such contract after the death of the decedent?

Hyde is a broker involved in a conflicting demands settlement procedure that has already begun. The escrow funds are held in an attorney's escrow account. Hyde seeks an EDO from the FREC. How will the FREC likely respond? The FREC will not issue an EDO because the funds are in an attorney's escrow account. The FREC will issue an EDO within ten business days. The FREC will issue an EDO if the other three settlement procedures don't work. The FREC will not issue an EDO because the dispute must be settled

A bailment is a transfer of possession of personal property without a transfer of ownership; the receiving party agrees to return the property at a later time. Bailor is the owner and transferor of the goods. Bailee the party accepting possession of goods from a bailor. Sub-bailee is the party who received the property from the bailee. John, whose mother’s name, Maria, died. He contacted the funeral home, Thompson Funeral Home, to have the body of his mother cremated and her ashes stored in an urn. The urn was to be held until after the father of John died before deciding of what to do next. Four years later, the father of John died. The funeral home cremated the remains and placed them in another urn. The funeral home sought the instruction of John about what to do with two urns, but John was still unsure where he wanted to bury them. Later, John instructed the funeral home to send the urns to Westside Cemetery for burial in common grounds. Common grounds involve storage vault without…

Jill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to  accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros.  True or False?