Question

26. Insurance, automobile loans and apartment leases are all types of what legal concept?

b. Contracts.
c. Collateral Estoppel
d. Property subrogation
a. Torts.
27. You live in a house with three roommates all of whom are over 18 years of age, but the electric bill is in your
month the bill exceeds what is normal and goes unpaid. Whose credit will be hurt if the electric bill goes unpaid?
a. My roommates: they ran up the charges.
b. Mine. I am always responsible for my own accounts.
c. No one's. I am protected in my electric insurance plan from this type of usage.
d. No one's. I am too young to have negative credit.

Answer 1

26. a. Contracts.

Insurance, automobile loans, and apartment leases are all examples of contracts. A contract is a legally binding agreement between two or more parties that establishes rights and obligations. In these examples, there is an agreement between the parties involved, whether it is an insurance policy, a loan agreement, or a lease contract.

27. b. Mine. I am always responsible for my own accounts.

If the electric bill goes unpaid in a situation where you live in a house with three roommates, but the bill is in your name, it is typically your responsibility as the account holder to ensure that the bill is paid. Even if your roommates contributed to the charges or usage, the primary responsibility lies with the account holder. Failure to pay the bill can negatively impact your credit history, not your roommates'. It is important to establish clear agreements and ensure that bills are paid in a timely manner to avoid any negative consequences.