CPCU 530 Chapter 2 Exam | Questions with 100%
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2026/2027
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Practice questions for this set
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A third-party beneficiary who receives the benefit of a contract's performance
as a gift from the promisee, with the intent of the contracting parties
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1 Donee beneficiary 2 Contract
3 Implied-in-fact contract 4 Third-party beneficiary
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Terms in this set (76)
, Contract A legally enforceable agreement between two or
more parties in which each party makes some
promise to the other
Promisor The party to a contract making a promise
Promisee The party to a contract to whom a promise is made
Privity of contract The relationship that exists between the parties to a
contract
Third-party beneficiary 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 The failure, without legal excuse, to fulfill a
contractual promise
Unilateral contract A contract in which only one party makes a
promise or undertakes the requested performance
Bilateral contract A contract in which each party promises a
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
Correct Answers | Verified | Latest Update
2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
A third-party beneficiary who receives the benefit of a contract's performance
as a gift from the promisee, with the intent of the contracting parties
Choose an answer
1 Donee beneficiary 2 Contract
3 Implied-in-fact contract 4 Third-party beneficiary
Don't know?
Terms in this set (76)
, Contract A legally enforceable agreement between two or
more parties in which each party makes some
promise to the other
Promisor The party to a contract making a promise
Promisee The party to a contract to whom a promise is made
Privity of contract The relationship that exists between the parties to a
contract
Third-party beneficiary 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 The failure, without legal excuse, to fulfill a
contractual promise
Unilateral contract A contract in which only one party makes a
promise or undertakes the requested performance
Bilateral contract A contract in which each party promises a
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
