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Brooks and Palmer, both merchants and residents of Baltimore, Maryland aspire to enter into a contract with each other for the sale/purchase of goods. After Brooks makes an offer to Palmer, Palmer responds with a written confirmation of acceptance; however, this written confirmation of acceptance states additional terms that are not present in Brooks’s offer. Nevertheless, Brooks’s offer did not expressly limit acceptance to the terms of his offer and Palmer’s additional terms do not materially alter Brooks’s offer. If Brooks does not give notification of objection to Palmer’s terms within a reasonable time, which of the following will occur?

Answer the following questions related to the financial position of Rocky Insurance Company . On December 31, an insurer opens business with $10,000,000 cash & no liabilities.  On January 1st, the Rocky Insurance Company sells policies with premiums of $15,000,000. The expenses incurred to sell policies are $8,000,000. The insurer will incur liabilities of $15,000,000.  Rocky’s financial position is as shown in the January 1: No Reinsurance Column.  A.  Why is Rocky reporting liabilities of $15,000,000? B. What is Rock’s premium to surplus ratio?  Why would an insurance regulator be concerned with this ratio? Alternatively, Rocky enters into a treaty reinsurance agreement on January 1 where it reinsures 50% of its business  and it sells policies with premiums of $15,000,000.  It incurs $8,000,000 in expenses to sell the policies and will receive a ceding commission of 40%.  C. Complete Rocky’s missing balance sheet items below (?) for the January 1: 50% Treaty Reinsurance column.  D. Why is treaty reinsurance an effective solution for Rocky?     31-Dec January 1: No Reinsurance January 1: 50% Treaty Reinsurance Initial Assets  $ 10,000,000  $   10,000,000  $    10,000,000 Premium    $    15,000,000 $    15,000,000 Expenses    $       8,000,000 $       8,000,000 Reinsurance    None ? Ceding Commission    None ? Net Assets  10,000,000  $17,000,000 ?       Liability  $ 0                          $    15,000,000 ?       Surplus  $  10,000,000  $       2,000,000 ?       P/S n/a ? ?      

Leah is walking along the street and discovers a document on the side of the road. The document provides that one party will deliver a couch to the other party. Only the seller’s name, Rodolfo, is provided in the document, and there are no signatures. Leah decides to sign the document and force Rodolfo to deliver the couch. If Leah  sued, which of the following is the most likely outcome?

Ebenezer is on a domestic flight heading from Phoenix to Baltimore when he experiences a medical emergency. Thankfully, Doctor Donna is also on the plane and is able to perform cardiopulmonary resuscitation (“CPR”) to keep him stabilized until they land, at which point he is taken to a local hospital for further treatment. Two weeks later, Ebenezer is shocked when he receives a $37,000 bill from Donna for the services she provided. Donna argues that $37,000 is reasonable because she is a nationally renowned cardiovascular specialist who graduated from one of the top medical schools in the world. Which of the following statements is correct?

Fritz, who lives and conducts a pet supply store in Florida, has decided to do business with Asher, the owner of a United Kingdom pet supplies wholesaler. This was the first business deal that Fritz and Asher conducted with someone out of their respective countries, so the contract they drafted included some discrepancies, including the penalty for failing to pay on time. Asher is angry that Fritz has failed to pay for two previous shipments. Fritz claims that the laws in the US allow her more leeway for payment options. How should Fritz and Asher go about handling this issue? 

Assume that a company buys two additional 10 million layers of liability coverage above the first $1 million of coverage under its commercial general liability (CGL) policy. Which of the following statements is (are) true? The total amount of liability coverage is $21 million. The cost of the $1m of liability coverage under the CGL policy is the least expensive since it will be the last to pay.

Alexander buys 50 widgets at a store closing sale. He buys the widgets intending to use them around the house. He only uses 25, though, and decides to sell the remaining widgets online. Alexander lives in Illinois. He finds an individual buyer, Claudia, in Belgium. Does the CISG apply if there is an issue with this contract?

Wilms tumor most often occurs in children.

Which term refers to a newborn’s adjustment to the outside world?

A clean catch specimen collects urine that is NOT contaminated by coming into contact with the meatus.