Jacob Has Insurance with Big Insurer

question 58

Essay

Jacob has insurance with Big Insurer. Jacob has a wreck with Selena. The adjuster for Big Insurer orally agrees to pay Selena $1,000 for the damage to her car. The adjuster, however, gets in trouble with his boss for agreeing to pay too much. He tells Selena that he is backing out of the deal because the agreement is unenforceable on the basis that the statute of frauds requires that a contract to pay the debt of another be in writing. Is the adjuster correct? Why or why not?

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Definitions:

Book Value

The total worth of a corporation's assets after deducting its liabilities, as stated in the balance sheet.

Weighted-Average Cost

A calculation that takes into account the varying costs of items or resources, weighted by their relative importance or quantity.

Capital Structure

The mix of a company's long-term debt, specific short-term debt, common equity, and preferred equity, which constitutes how a firm finances its overall operations and growth.

Equity

The value of ownership interest in an entity, encompassing stocks and assets minus liabilities.