CPCU 530: Study Topics Exam | Questions with
100% Correct Answers | Verified | Latest Update
2026/2027
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Terms in this set (190)
Valid offer Intent to contract
Definite terms
Communication of offeree
Valid acceptance Acceptance by offeree
Unequivocal & unconditional acceptance
Offeree communicating of acceptance
Mutal assent To form a contract as evidence by words or actions
Lack of genuine assent -Fraud: offended party may rescind or sue
-Mistake: may have no effect, may make void/
unenforceable
-Duress
-Undue influence
-Innocent misrepresentation
Consideration Promisor must receive a legal benefit & promisee
must suffer legal detriment
, Elements of a legally binding Valid agreement
contract Capacity
Mutual assent
Consideration
Legal purpose
Legal Form
Bilateral contract Each party promises performance; most contracts
Unilateral contract Only one party makes a promise or undertakes the
requested performance
Executed contract Requires nothing more of either party to be
fulfilled
Executory contract Has not been fully executed
Express contract Terms are clearly stated either orally or in writing
Implied contract Created by nonverbal, nonwritten conduct of the
parties
Implied-in-fact contract Unambiguous offer & acceptance made; ongoing
but informal arrangement
Implied-in-law Quasi-contract; Obligations arise from a court's
notions of justice and equity in certain cases
Voidable contract A valid contract that can continue in force & the
parties can execute it completely unless an
innocent or injured party chooses to avoid it
100% Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (190)
Valid offer Intent to contract
Definite terms
Communication of offeree
Valid acceptance Acceptance by offeree
Unequivocal & unconditional acceptance
Offeree communicating of acceptance
Mutal assent To form a contract as evidence by words or actions
Lack of genuine assent -Fraud: offended party may rescind or sue
-Mistake: may have no effect, may make void/
unenforceable
-Duress
-Undue influence
-Innocent misrepresentation
Consideration Promisor must receive a legal benefit & promisee
must suffer legal detriment
, Elements of a legally binding Valid agreement
contract Capacity
Mutual assent
Consideration
Legal purpose
Legal Form
Bilateral contract Each party promises performance; most contracts
Unilateral contract Only one party makes a promise or undertakes the
requested performance
Executed contract Requires nothing more of either party to be
fulfilled
Executory contract Has not been fully executed
Express contract Terms are clearly stated either orally or in writing
Implied contract Created by nonverbal, nonwritten conduct of the
parties
Implied-in-fact contract Unambiguous offer & acceptance made; ongoing
but informal arrangement
Implied-in-law Quasi-contract; Obligations arise from a court's
notions of justice and equity in certain cases
Voidable contract A valid contract that can continue in force & the
parties can execute it completely unless an
innocent or injured party chooses to avoid it
