CPCU Study Set | Questions with 100% Correct
Answers | Verified | Latest Update 2026/2027
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Practice questions for this set
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A manufacturer's or seller's liability for harm suffered by a buyer, or bystander
as a result of a product that has a dangerous manufacturing defect or design
defect or that is not accompanied by a warning of an inherent hidden danger
Choose an answer
1 Contract 2 Products liability
3 Express Warranty 4 Wrongful Death Action
Don't know?
Terms in this set (188)
, 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 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
Answers | Verified | Latest Update 2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
A manufacturer's or seller's liability for harm suffered by a buyer, or bystander
as a result of a product that has a dangerous manufacturing defect or design
defect or that is not accompanied by a warning of an inherent hidden danger
Choose an answer
1 Contract 2 Products liability
3 Express Warranty 4 Wrongful Death Action
Don't know?
Terms in this set (188)
, 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 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
