ACTG 1P71 Lecture Notes - Lecture 8: Insurable Interest, Life Insurance, Bona Fide Purchaser

• School: Brock University
• Department: Accounting
• Course: ACTG 1P71
• Professor: Brad Troup

Document Summary

Bu(cid:455) a life i(cid:374)su(cid:396)a(cid:374)(cid:272)e to (cid:373)(cid:455) (cid:449)ife, (cid:374)eigh(cid:271)o(cid:396) diffe(cid:396)e(cid:374)t. fo(cid:396) (cid:374)eigh(cid:271)o(cid:396), dead, i"ll (cid:374)ot suffe(cid:396) fi(cid:374)a(cid:374)(cid:272)ial loss, so kind of bet and waging. 3. mistake in assumptions ex: (cid:373)ake a (cid:272)o(cid:374)t(cid:396)a(cid:272)t to sell (cid:455)ou a (cid:272)o(cid:373)(cid:373)e(cid:374)t (cid:271)ook. We do(cid:374)"t k(cid:374)o(cid:449) the (cid:271)ook e(cid:454)ist o(cid:396) (cid:374)ot, . (cid:271)ut you assume book exist. the court think the contract is void. Sell a painting , both think is real, after transation, but actually find it is fake. court think is a mistake. A tell b sell 10000, b tell c is 90000, c give b money 9000, but b run away. Two innocent parties, a, c, the law would say c would keep the car, a could avoid the loss if (cid:396)e(cid:395)ui(cid:396)ed pa(cid:455) i(cid:374) (cid:272)ash . If c pay 10000, the car would not give c, he should know there is sth suspicious. Bona fide purchaser paying value without notice: (cid:862)no(cid:374) edt fa(cid:272)tu(cid:373)(cid:863)---not of my act---not reading the contract carefully.