Define the term insurance, what it accomplishes

and in what role is it useful or worthwhile in property and business transactions

and ownership. Also, what does the term insurable interest mean and why is it

important?

Why is certainty in Contract Law important and to what element does it

relate. Discuss how the Common Law promotes it both as a system and through

principles or doctrines of law. Discuss any statutes that seek to promote

certainty in Contract Law.