[Answer] An ____ policy is one that the value of the subject matter is not agreed upon but is left to be ascertained in case of loss.

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An ____ policy is one that the value of the subject matter is not agreed upon but is left to be ascertained in case of loss.
In contract law a mistake is an erroneous belief at contracting that certain facts are true.It can be argued as a defense and if raised successfully can lead to the agreement in question being found void ab initio or voidable or alternatively an equitable remedy may be provided by the courts.Common law has identified three different types of mistake in contract: the ‘unilateral mistake …
David Hume (/ h juː m /; born David Home; 7 May 1711 NS (26 April 1711 OS) – 25 August 1776) was a Scottish Enlightenment philosopher historian economist …
Liquidated damages also referred to as “liquidated and ascertained damages” (LADs) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g. late …
A brief history. At common law not all promises were enforceable. One way in which a promise is enforceable is the modern law of contract which arose from the old action of assumpsit and concepts of motive and reliance. In Australia the bargain theory prevails under which the exchange of promises referred to in the Latin term quid pro quo is an essential element.
The price may be left to a named third party agreed upon by the parties to the contract. [36] [37] Should the third party be unable to set the price or refuse to do so there is no sale. If the third party cannot be identified—for example where the parties have not fixed a way of identifying the third party or have not named him—then the contract does not come into existence; there is …

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