CPCU 530 (The Institutes) Exam | Questions with
100% Correct Answers | Verified | Latest Update
2026/2027
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Practice questions for this set
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An employee who is paid by the hour and who receives hourly overtime pay.
Choose an answer
1 Nonexempt employee 2 Contract
3 Express warranty 4 Survival statute
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Terms in this set (186)
, Contract A legally enforceable agreement between two or
more parties.
Offeror The party to a contract who promises to give
something in return for a promise or an act by
another party.
Offeree The party to a contract who makes a promise or
acts in return for something offered by another
party.
Consideration Something of value or bargained for and
exchanged by the parties to a contract.
Bilateral contract A contract in which each party promises a
performance.
Unilateral contract A contract in which only one party makes a
promise or undertakes the requested performance.
Executed contract A contract that has been completely performed by
both parties.
Executory contract A contract that has not been completely
performed by one or both of the parties.
Express contract A contract whose terms and intentions are
explicitly stated.
Implied contract A contract whose terms and intentions are
indicated by the actions of the parties to the
contract and the surrounding circumstances.
100% Correct Answers | Verified | Latest Update
2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
An employee who is paid by the hour and who receives hourly overtime pay.
Choose an answer
1 Nonexempt employee 2 Contract
3 Express warranty 4 Survival statute
Don't know?
Terms in this set (186)
, Contract A legally enforceable agreement between two or
more parties.
Offeror The party to a contract who promises to give
something in return for a promise or an act by
another party.
Offeree The party to a contract who makes a promise or
acts in return for something offered by another
party.
Consideration Something of value or bargained for and
exchanged by the parties to a contract.
Bilateral contract A contract in which each party promises a
performance.
Unilateral contract A contract in which only one party makes a
promise or undertakes the requested performance.
Executed contract A contract that has been completely performed by
both parties.
Executory contract A contract that has not been completely
performed by one or both of the parties.
Express contract A contract whose terms and intentions are
explicitly stated.
Implied contract A contract whose terms and intentions are
indicated by the actions of the parties to the
contract and the surrounding circumstances.
