question archive 1) Menefee and her housemate Nettles decide Menefee should purchase an insurance policy on her life as part of their joint household's investment plan
1) Menefee and her housemate Nettles decide Menefee should purchase an insurance policy on her life as part of their joint household's investment plan
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1) Menefee and her housemate Nettles decide Menefee should purchase an insurance policy on her life as part of their joint household's investment plan. Nettles is named as beneficiary however a provision under the policy allows Menefee to revoke and change beneficiaries. If Menefee decides she will no longer pay the premiums, what might Nettles, as a third-party beneficiary, reasonably do?
(A) She can sue Menefee for breach of contract.
(B) She can sue the insurance company for breach of contract.
(C) She can sue Menefee and the insurance company simulaneously, thus doubling the value of the original contract. .
(D) None of the above are likely to be successful for her.
2) Which, if any, of the following options describes an agency relationship?
(A) A relationship between a landlord and his or her tenants.
(B) A relationship in which a jewelry store is negotiating to buy wholesale diamonds.
(C) A relationship in which Bill delivers a package to Alice for Mary.
(D) None of the above describes an agency relationship.
3) Johnson is a volunteer fireman for Prince George's County. One evening, he responds to an alarm at a residence. Outside the house, Bob grabs Johnson by the shoulders and says: My little daughter is in the house. Please save her! I'll pay you $20,000.00 if you get her out alive! Johnson bravely rushes into the burning house and rescues the little girl. The next day, Johnson finds Bob and asks for his check. Bob refuses to pay. Under these facts:
(A) Johnson will lose based on the theory of preexisting duty.
(B) Johnson will lose based on the theory of past consideration.
(C) Johnson will be awarded the money based on the theory of ordinary contract law.
(D) Johnson will be awarded the money based on the theory of necessity.
4) Jack lives in a state that does not operate a lottery. This state does not have a statute expressly authorizing or prohibiting gambling. Jack feels that he can make a substantial profit from a lottery so he starts a private lottery within the state. Under these facts:
(A) Jack's lottery is legal because it is not expressly prohibited by statute.
(B) Contracts directly relating to Jack's lottery are void. .
(C) Contracts directly relating to Jack's lottery are valid.
(D) A and C.
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Answers are as follows:-
1. D)None of the above are likely to be successful for her
She has no legal right to sue.
2. C) A relationship in which Bill delivers a package to Alice for Mary
Bill is the agent in this case .
An agency relationship is a fiduciary relationship, where one person (called the “principal”) allows an agent to act on his or her behalf. The agent is subject to the principal's control and must consent to her instructions.
3. A)Johnson will lose based on the theory of pre existing duty
The pre-existing duty rule is an aspect of consideration within the law of contract. In essence, this rule declares that performance of a pre-existing duty does not amount to good consideration to support a valid contract; but there are exceptions to the rule.
4. C)The contracts relating to Jack's lottery are valid
The contracts are valid since they are not forbidden by law.
