Collin Insures His Building for $250,000

question 78

Multiple Choice

Collin insures his building for $250,000.At the time of its total loss, the property is valued at $220,000.Under:

• A)an open policy, Collin would recover $220,000.
• B)an open policy, Collin would recover $250,000.
• C)a valued policy, Collin would recover $220,000.
• D)Both (a) and (c).
• E)Both (b) and (c).

Recognize the implications of the Act for consumer protection.

Analyze the conditions and warranties implied by the Sale of Goods Act.

Understand the remedies available for breach under the Sale of Goods Act.

Comprehend how title and risk of loss are transferred in sales of goods.

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Definitions:

International Sale

The process of selling goods or services across national borders, subject to different countries' laws and trade agreements.

Treaty

A binding agreement between two nations or international organizations.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged with the obligation, in order to be enforceable.

Sale of Goods

A transaction between a buyer and a seller in which ownership of physical products is transferred in exchange for money or other compensation.