Term
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Definition
| Is said to exist where an unconditional acceptance of an offer has been made. |
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Term
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Definition
| Is an exchange of something of value. |
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Term
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Definition
| When a contract insures property which is stolen, this element is said not to be present. |
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Term
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Definition
| Persons considered to be competent to contract are said to have this... while a minor does not. |
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Term
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Definition
| Is present when it can be shown the contract was not effected by fraud, duress, concealment or mistake. |
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Term
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Definition
| People who are able to show that they would suffer financially by a loss are said to have this. |
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Term
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Definition
| This contractual agreement is breached when n applicant for insurance deliberately withholds information about previous claims, cancellations, or refusals of insurance. |
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Term
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Definition
| A part of all insurance contracts which attempts to provide insureds with the actul amount of their loss... no more and no less. |
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