Reversion Occurs When the Rights of Possession Return to a Third

question 74

True/False

Reversion occurs when the rights of possession return to a third party upon the expiration of a limited estate.

Distinguish between strict liability and vicarious liability, including examples of each.

Comprehend the concept of subrogation in the context of motor vehicle property damage coverage.

Recognize the factors affecting the cost of home insurance.

Analyze decision-making processes related to reporting minor vehicle incidents to insurance companies.

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Definitions:

Illegal

pertains to actions or activities that are prohibited by law and subject to legal penalties.

Liquidated Damages

A predetermined amount of money that must be paid as damages for failure to perform under a contract, the amount of which is stipulated within the contract itself.

Breach of Contract

The violation of a contractual obligation by one party that results in harm or loss to the other party.

Breach of Contract

A legal term referring to the violation of a binding agreement between two or more parties.