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Questions and Answers
What is the duty to indemnify usually coextensive with?
What is the duty to indemnify usually coextensive with?
- The duty to guarantee performance
- The duty to negotiate insurance contracts
- The duty to limit compensation
- The contractual duty to 'hold harmless' or 'save harmless' (correct)
In an agency context, who may be obligated to indemnify their agent for liabilities?
In an agency context, who may be obligated to indemnify their agent for liabilities?
- The guarantor
- The indemnitee
- The indemnitor
- The principal (correct)
What does a 'guarantee' obligate one party to do for another party?
What does a 'guarantee' obligate one party to do for another party?
- Limit the compensation for the injured party
- Negotiate insurance contracts
- Perform the promise of a relevant other party if that other party defaults (correct)
- Compensate for the loss incurred by another party
Under which section of the Statute of Frauds (1677) must a 'guarantee' be evidenced in writing?
Under which section of the Statute of Frauds (1677) must a 'guarantee' be evidenced in writing?
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What forms the basis of many insurance contracts?
What forms the basis of many insurance contracts?
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