The following are elements needed to a legally valid contract except a) consensus b) utmost good faith c) capacity d) reasonable cause

64. The following are elements needed to a legally valid contract except

• d) reasonable cause

The standard elements of a legally valid contract include offer, acceptance (consensus), consideration, intention to create legal relations, capacity, and legality of object. "Reasonable cause" is not a recognized element of contract law. While "utmost good faith" is a principle for specific contracts like insurance, it is not a universal element for all legally valid contracts. However, "reasonable cause" is not an element at all.
The correct option is d).

65. The parties involved must communicate with each other and a contract will come into existence because of an offer being made by one party and its acceptance by the other

• d) consensus

This process of offer and acceptance, where both parties agree to the terms, is known as achieving consensus (or a "meeting of the minds").
The correct option is d).

66. Three principles of insurance are

• b) indemnity, uberrimae fidei and insurable interest

The fundamental principles of insurance include indemnity (restoring the insured to their pre-loss financial position), uberrimae fidei (utmost good faith, requiring full disclosure from both parties), and insurable interest (the policyholder having a financial stake in the insured item or person).
The correct option is b).

67. Both parties to the contract of insurance have a duty to
The question is incomplete. However, based on the fundamental principles of insurance, both parties have a duty of utmost good faith (uberrimae fidei). This means they must disclose all material facts relevant to the contract.