ARM 55 - Chapter 7: Controlling Liability Loss Exposures

19 terms by EllaT 

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Tort

A wrongful act or omission, other than a crime or a breach of contract, for which the remedy is usually monetary damages

Express contract

A contract whose terms and intentions are explicitly stated

Implied contract

A contract whose terms and intentions are indicated by the actions of the parties to the contract and the surrounding circumstances

Valid contract

A contract that meets all of the requirements to be enforceable

Void contract

An agreement that is not a legally enforceable contract because it lacks one or more of the requirements of a contract such as agreement, consideration, capacity to contract, or legal purpose

Voidable contract

A contract that can be rescinded (canceled) at the election of one or both of the parties to it

Unenforceable contract

A contract that is a valid contract but that because of a technical defect cannot be enforced

Attractive nuisance

An object or man-made characteristic of a premises that attracts children and that imposes an extra duty of care on the premises owner

Risk control point

A key stage in the life cycle of a liability claim in which the application of a risk control technique is expected to be most effective

Waiver

A voluntary relinquishment of a known right

Hold-harmless agreement

A contractual provision by which one party (the indemnitor) agrees to assume the liability of a second party (the indemnitee)

Exculpatory agreement

A contractual provision that enables a party to avoid liability for negligence or a wrongful act

Vicarious liability

A legal responsibility that occurs when one party is held liable for the actions of a subordinate or associate because of the relationship between the two parties

Mediation

A process in which an impartial intermediary, usually selected by the parties to a dispute, assists them in reaching a settlement

Arbitration

A process in which two or more parties agree to submit an existing dispute, or a specified class of possible future disputes, to an impartial person or persons for binding resolution

Compulsory arbitration

The statutory right of a party to require another party to submit a dispute to arbitration even though the other party has never agreed to such arbitration and prefers a court settlement

Legal privilege

The right to invade another's interests to promote or protect one's own, greater interests

Immunity

An exemption from liability

Assumption-of-risk defense

A legal defense to tort liability that asserts the plaintiff had a sufficient understanding of the risk and as a reasonably prudent person voluntarily accepted the risk

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