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What are the essential element of a valid contract of insurance?
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Simple contract special contract?
They are valid element of a contract they are offer and acceptance, legality consideration capacity terms
What are vitiating factors?
vitiating factors are elements of duress, mistake, misrepresentation, and is a essential element of a valid contract it is recognized in common law that a party might have been coerced, or pressed into a contract. the resulting contract cannot be regarded as a true agreement between the parties.
What are the essential ingredients of valid bailment?
Agreement Delivery of goods movable property Definite purpose Return or disposal of the specific goods Essential of valid contract Ownership not transferred
Explain consideration and acceptance are the binding element of contract?
An offer is valid only if it is made with an intention of getting the assent of another. when there is no acceptance the contract does not come into existence. For a valid contract there must be consideration which need not be adequate.
What is a legal proof of insurance?
A valid current (ie receipted) insurance document. (Assuming that the company has not cancelled the insurance contract for some breach on your part).
What is valid contarct?
A valid contract is an agreement enforceable by law. A Valid Contract is defined under Sec 2(h) of the Indian Contract Act, of 1872. To know the essential features of forming a valid contract, please refer to Desire 4 Legal Knowledge
The Implied term inherent for valid insurance contract is?
Every insurance contract contains an unwritten, invisible, or implied term referred to as the covenant or promise of good faith and fair dealing
If you are the lien holder on a car can you reposs a car if there is no insurance on it?
Whether or not a lien holder can repossess a car if there is no insurance depends on the contract, local law, or both. In this state, a verbal contract is valid. You will need to check local law.
When a person is a minor is the missing element to a valid contract called offer and acceptance?
No. A contract with a minor by definition is characterized by offer, acceptance and consideration. Minority is an affirmative defense to liability for non-performance of the contract.
What is the Difference between valid and void contract?
A valid contract is legally enforceable and meets all the essential elements required by law, such as mutual assent, consideration, capacity, legality, and proper form. On the other hand, a void contract is not legally binding from the beginning due to a fundamental flaw, such as illegality, lack of capacity, impossibility, or violation of public policy. A void contract is treated as if it never existed, while a valid contract creates legal obligations between the parties.
If you are named beneficiary on an accident life insurance policy and your relationship to owner is listed as wife but never legally married are you still entitled to receive payment?
The Insurance company should ideally check the validity of the relationship (whether legal spouse) at the time of issuing the contract or at the time of naming the beneficiary. Again the basic essence of Insurance contract is the valid insurable interest. I presume the Insurance contract is binding on the insurance company and the surviving spouse need to be compensated with the benefit amount of the Insurance contract.
Can you get insurance if your not the homeowner?
Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.
