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CPCU 530 NAVIGATING THE LEGAL LANDSCAPE OF INSURANCE QUESTIONS WITH CORRECT ANSWERS

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CPCU 530 NAVIGATING THE LEGAL LANDSCAPE OF INSURANCE QUESTIONS WITH CORRECT ANSWERS

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The failure to exercise the degree of care that a reasonable person in a similar
situation would exercise to avoid harming others.


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Negligence




An agreement that, despite the parties' intentions, never reaches contract status and is
therefore not legally enforceable or binding.


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Void contract

,The use of restraint, violence, threats of violence, or wrongful pressure to compel a
party to act contrary to his or her wishes or interests.


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Duress




A contract whose terms and intentions are explicitly stated.


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Express contract




The performance of the primary, necessary terms of an agreement.


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Substantial performance




A code of federal laws that govern commercial transactions in the United States.


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Uniform Commercial Code

, The party to a contract who makes an assignment.


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Assignor




A classification of law that prescribes the steps, or processes, for enforcing the rights
and duties defined by substantive law.


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Procedural law




A promise that requires some action by the intended recipient to make an agreement.


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Offer




An event that must occur before a duty of performance arises in a contract.


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Condition precedent

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