Page 1 of 39
CPCU 530 EXAM 2 NEWEST 2025 ACTUAL EXAM|
COMPLETE 200 QUESTIONS AND CORRECT DETRAILED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED
A+|| BRAND NEW!!
Contract .....ANSWER..... A legally enforceable agreement
between two or more parties in which each party makes some
promise to the other.
Required to have 4 elements: Agreement, Capacity to contract,
Consideration and legal purpose.
Promisee .....ANSWER..... The party to a contract to whom a
promise is made
Promisor .....ANSWER..... The party to to contract making a
promise
,Page 2 of 39
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.
Two types of contract .....ANSWER..... Bilateral
Unilateral
Bilateral Contract .....ANSWER..... A contract in which each party
promises a performance
,Page 3 of 39
Unilateral Contract .....ANSWER..... A contract in which only one
party makes a promise or undertakes the requested
performance.
Executed Contract .....ANSWER..... A contract that has been
completely performed by both parties
Nothing else is required of either party.
Executory Contract .....ANSWER..... A contract that has not been
completely performed by one or both of the parties.
Ex: insurance policy
Implied Contract .....ANSWER..... A contract whose terms and
intentions are indicated by the actions of the parties to the
contract and the surrounding circumstances.
, Page 4 of 39
Express Contract .....ANSWER..... A contract whose terms and
intentions are explicitly stated.
I owed you $1000 for coverage.
Implied-in-fact contracts .....ANSWER..... A contract that is not an
express but that the parties presumably intended, either by tacit
understanding or by the assumption that it existed.
Subject to trade customs, prior relations between parties and
community customs known to all parties.
Implied-in-law contract (Quasi-Contracts) .....ANSWER..... An
obligation that is not an actual contract but that is imposed by
law because of the parties' conduct or some special relationship
between them or because one of them would otherwise be
unjustly enriched.
CPCU 530 EXAM 2 NEWEST 2025 ACTUAL EXAM|
COMPLETE 200 QUESTIONS AND CORRECT DETRAILED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED
A+|| BRAND NEW!!
Contract .....ANSWER..... A legally enforceable agreement
between two or more parties in which each party makes some
promise to the other.
Required to have 4 elements: Agreement, Capacity to contract,
Consideration and legal purpose.
Promisee .....ANSWER..... The party to a contract to whom a
promise is made
Promisor .....ANSWER..... The party to to contract making a
promise
,Page 2 of 39
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.
Two types of contract .....ANSWER..... Bilateral
Unilateral
Bilateral Contract .....ANSWER..... A contract in which each party
promises a performance
,Page 3 of 39
Unilateral Contract .....ANSWER..... A contract in which only one
party makes a promise or undertakes the requested
performance.
Executed Contract .....ANSWER..... A contract that has been
completely performed by both parties
Nothing else is required of either party.
Executory Contract .....ANSWER..... A contract that has not been
completely performed by one or both of the parties.
Ex: insurance policy
Implied Contract .....ANSWER..... A contract whose terms and
intentions are indicated by the actions of the parties to the
contract and the surrounding circumstances.
, Page 4 of 39
Express Contract .....ANSWER..... A contract whose terms and
intentions are explicitly stated.
I owed you $1000 for coverage.
Implied-in-fact contracts .....ANSWER..... A contract that is not an
express but that the parties presumably intended, either by tacit
understanding or by the assumption that it existed.
Subject to trade customs, prior relations between parties and
community customs known to all parties.
Implied-in-law contract (Quasi-Contracts) .....ANSWER..... An
obligation that is not an actual contract but that is imposed by
law because of the parties' conduct or some special relationship
between them or because one of them would otherwise be
unjustly enriched.
