CPCU 530 Chapter 2 Exam Questions and Answers All Correct

CPCU 530 Chapter 2 Exam Questions and Answers All Correct Contract - Answer-A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisor - Answer-The party to a contract making a promise Promisee - Answer-The party to a contract to whom a promise is made Privity of contract - Answer-The relationship that exists between the parties to a contract Third-party beneficiary - Answer-A person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached by either of the contracting parties Breach of contract - Answer-The failure, without legal excuse, to fulfill a contractual promise Unilateral contract - Answer-A contract in which only one party makes a promise or undertakes the requested performance Bilateral contract - Answer-A contract in which each party promises a performance Executed contract - Answer-A contract that has been completely performed by both parties Executory contract - Answer-A contract that has not been completely performed by one or both of the parties Express contract - Answer-A contract whose terms and intentions are explicitly stated Implied contract - Answer-A contract whose terms and intentions are indicated by the actions of the parties to the contract and the surrounding circumstances