7.07 graded assignment insurance and consumer protection

assignment 6 insurance and consumer protection

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Assignment​ ​ 6 (26​ ​ points

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We show the existence ofaverage cost (AC-) optimal policy for an inventory system withuncountable state space; in fact, the AC-optimal cost and an AC-optimal stationary policy areexplicitly computed. In order to do this, we use a variant of thevanishing discount factor approach, which have been intensively studied in recent years but the available results not cover the inventory problem we are interested in.

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Insurance and Jessie Robinson

Filed Under: Essays Tagged With: insurance

Follow the instructions below to fill out the Example_Insurance_Application for Jessie Robinson. This is an application for renter’s insurance. (4. 0 points for completing the form correctly according to the instructions below)

Fill out the Applicant Information section of the form using the name Jessie Robinson, the date of birth 7/15/88, the SSN 888-88-8888, and the email address com. Jessie Robinson is not retired. b. Jessie Robinson is renting an apartment on 785 Maple Avenue in Seattle, WA. The zip code of the address is 00448. c. Imagine what Jessie Robinson’s answers to the yes and no questions under Coverage Information might be. TIP: There are no right or wrong answers, but make sure to answer each question. d. Choose a date for Jessie Robinson’s coverage to begin and the number of years Jessie has had insurance coverage.

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Insurance And Consumer Protection

... make sure to answer each question. d. Choose a date for Jessie Robinson’s coverage to begin and the number of years Jessie has had insurance coverage. TIP: There ...

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A contract is an agreement between parties , creating mutual obligations that are enforceable by law . The basic elements required for the agreement to be a legally enforceable contract are:  mutual assent , expressed by a valid  offer and acceptance ; adequate  consideration ;  capacity ; and  legality . In some states , elements of consideration can be satisfied by a valid substitute. Possible remedies for  breach of contract  include  general damages ,  consequential damages ,  reliance damages , and  specific performance .  

Background :

Contracts are promises that the law will enforce. Contract law is generally governed by state common law , and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the contract may vary between the states. 

If a promise is breached, the law provides remedies to the harmed party, often in the form of monetary damages, or in limited circumstances, in the form of specific performance of the promise made.  

Elements -- Consideration and Mutual Assent 

Contracts arise when a duty comes into existence, because of a promise made by one of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. There are two different theories or definitions of consideration: Bargain Theory of Consideration and Benefit-Detriment theory of consideration. 

Benefit-Detriment

• For example, promises that are purely gifts are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act of generosity is normally not considered sufficient detriment to constitute adequate consideration.   

Bargain-for-Exchange

• Under Bargain-for-Exchange theory of consideration, adequate consideration exists when a promisor makes a promise in return for something else. 
• In other words, the bargain for exchange theory is different from the detriment-benefit theory in that the focus in bargain for exchange theory seems to be the parties’ motive for making the promises and the parties’ subjective mutual assent, while in detriment benefit theory, the focus seems to be an objective legal detriment or benefit to the parties.         

Governing Laws                           

Contracts are mainly governed by state statutory and common (judge-made) law and private law (i.e. the private agreement). Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law. Statutory law, such as the Statute of Fraud , may require some kinds of contracts be put in writing and executed with particular formalities, for the contract to be enforceable. Otherwise, the parties may enter into a binding agreement without signing a formal written document. For example, Virginia Supreme Court has held in  Lucy v. Zehmer  that even an agreement made on a piece of napkin can be considered a valid contract, if the parties were both sane, and showed mutual assent and consideration.

Most of the principles of the common law of contracts are outlined in the Restatement of Law, Second Contracts published by the American Law Institute. The Uniform Commercial Code , whose original articles have been adopted in nearly every state, represents a body of statutory law that governs important categories of contracts. The main articles that deal with the law of contracts are  Article 1 (General Provisions)  and  Article 2 (Sales) . Sections of  Article 9 (Secured Transactions)  govern contracts assigning the rights to payment in security interest agreements. Contracts related to particular activities or business sectors may be highly regulated by state and/or federal law. In 1988, the United States joined the  United Nations Convention on Contracts for the International Sale of Goods  which now governs contracts within its scope.

Remedies for Breach of Contract -- Damages

If the agreement does not meet the legal requirements to be considered a valid contract, the “contractual agreement” will not be enforced by the law, and the breaching party will not need to indemnify the non-breaching party. That is, the plaintiff (non-breaching party) in a contractual dispute suing the breaching party may only win  expectation damages  when they are able to show that the alleged contractual agreement actually existed and was a valid and enforceable contract. In such a case, expectation damages will be rewarded, which attempts to make the non-breaching party whole, by awarding the amount of money that the party would have made had there not been a breach in the agreement plus any reasonably foreseeable consequential damages suffered as a result of the breach.  However, it is important to note that there are no punitive damages for contractual remedies, and the non-breaching party may not be awarded more than the expectancy (monetary value of the contract, had it been fully performed). 

However, in certain circumstances, certain promises that are not considered contracts may be enforced to a limited extent. If one party has made reasonable reliance to his detriment on the assurances/promises of the other party, the court may apply an equitable doctrine of Promissory Estoppel to award the non-breaching party a  reliance damages  to compensate the party for the amount suffered as a result of the party’s reasonable reliance on the agreement.

In another circumstance, the court may award  unjust enrichment  to a party, if the party who confers a benefit on another party, if it would be unjust for the party receiving the benefit to keep it without paying for it.   

Finally, one modern concern that has risen in contract law is the increasing use of a special type of contract known as " contracts of adhesion " or form-contracts. This type of contract may be beneficial for some parties, because of the convenience and the ability by the strong party in a case to force the terms of the contract to a weaker party. Examples include mortgage agreements, lease agreements, online purchase or sign-up agreements, etc. In some cases, courts look at these adhesion contracts with a special scrutiny due to the possibility of unequal bargaining power, unfairness, and unconscionability.

Federal Material

U.s. constitution and federal statutes.

41 U.S.C.  (Public Contracts)

CRS Annotated Constitution

Federal Agency Regulations

Code of Federal Regulations:  41 C.F.R.  - Public Contracts

Federal Judicial Decisions

U.S. Supreme Court:

Recent Decisions on Contract Law  

State Material

State statutes.

Uniform Commercial Code

Article 1 - General Provisions

Article 2 - Sales

Article 9 - Secured Transactions

State Statutes Dealing with Commercial Law

Uniform Commercial Code as Adopted by Particular States

State Judicial Decisions

N.Y. Court of Appeals:

Decisions on Contracts

Commentary from liibulletin-ny

Appellate Decisions from Other States

International Material

Conventions and treaties.

The United Nations Convention on Contracts for the International Sale of Goods

Key Internet Sources

Department of Commerce

ILRG Legal Forms Archive: Basic Agreements

[Last updated in July of 2022 by the Wex Definitions Team ] 

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