CPCU 530

What is a legally enforceable agreement between two or more parties?

Who is the party to a contract who promises to give something in return for a promise or an act by another party?

Who is the party to a contract who makes a promise or acts in return for something offered by another party?

What is something of value or bargained for and exchanged by the parties to a contract?

What type of contract involves each party promising a performance?

What type of contract involves only one party making a promise or undertaking the requested performance?

What type of contract has been completely performed by both parties?

What type of contract has not been completely performed by one or both of the parties?

What type of contract has terms and intentions that are explicitly stated?

What type of contract has terms and intentions indicated by the actions of the parties and surrounding circumstances?

What model code provides a consistent legal basis for business transactions throughout the United States?

What is a written or oral statement in a contract that certain facts are true?

What is an explicit statement about a product by the seller that the buyer may rely on?

What is an obligation imposed on a seller to warrant certain facts about a product, even if not explicitly stated?

What is the temporary possession of personal property by one party for a specific purpose?

What legal doctrine allows an employer to terminate an employee at any time for any reason?

What is a cause of action an employee may have against an employer for illegal termination?

What is the minimum qualification an employee needs under federal antidiscrimination laws?

Who is an employee paid by the hour and eligible for overtime pay?

Who is an employee paid a salary and not eligible for overtime pay?

What type of contract requires performance only under certain conditions?

What is the obligation to act in complete honesty and disclose all relevant facts?

What is a fact that is significant to a decision or matter at hand?

What is a false statement of a material fact on which a party relies?

What clause states that an insurer cannot contest a policy after it has been in force for a specified period?

What is the period during which an insurer can challenge the validity of a life insurance policy?

What type of contract places one party in a "take-it-or-leave-it" position?

What type of contract ensures an insurer pays an amount directly related to a covered loss?

What principle states that insurance policies should provide no greater benefit than the loss suffered?

What type of policy pays a stated amount regardless of the actual loss value?

What is a temporary agreement to provide insurance coverage until a formal policy is issued?

What law permits a negligence victim to sue an insurer directly?

What is the intentional relinquishment of a known right?

What is the voluntary act of choosing between two alternative rights?

What includes all tangible or intangible property that is not real property?

What consists of land and all structures permanently attached to it?

What term refers to legal ownership of property?

What type of property results from human intelligence and has economic value?

What are the legal entitlements attached to the expressed form of an idea or other intangible subject matter?

What is the legal right to exclusively own and control an original form of expression?

What is the right granted by a government to an inventor for exclusive control of an invention?

What term refers to an increase or addition to property?

What is the intermingling of goods belonging to different owners?

What is the voluntary transfer of property without consideration?

Who is the owner of personal property in a bailment?

Who is the party temporarily possessing personal property in a bailment?

What is an interest in an insurance policy that would cause financial loss if an insured event occurred?

What is a creditor’s legal right in another’s property until a debt is satisfied?

What is a bailee’s right to retain possession of a bailor’s property as security?

What term refers to all property owned by a person at the time of death?

What type of estate grants full ownership rights in a property?

What type of interest entitles a person to possession of real property for the duration of their life?

What is the right to possession or ownership of property?

What is a concurrently owned estate that transfers to a surviving joint tenant upon death?

What is a joint tenancy between spouses?

What type of ownership allows two or more individuals to hold property without survivorship rights?

What is property owned or acquired by both spouses during a marriage?

What type of ownership involves holding real estate through a corporation?

What type of real estate consists of individually owned units with shared common areas?

What document transfers interest in real property?

Who is the seller of real property?

Who is the purchaser of real property?

Who conveys property to another?

Who is the buyer of real property after execution of the deed?

What law requires certain contracts to be in writing to prevent fraud?

What interest in land provides security for the payment of a debt?

Who borrows money to finance the purchase of real property?

Who is a lender in a mortgage arrangement?

What legal proceeding terminates a mortgagor’s interest in property?

What is the transfer of rights or property?

Who is the recipient of transferred rights or interests?

What secured interest in real property is held by a trustee to protect a lender?

What lien secures payment for property repairs?

What is the failure to exercise reasonable care to prevent harm?

What is a wrongful act that invades a legally protected right?

Who commits a tort?

Who files a lawsuit?

Who is the party against whom a complaint is filed?

What law is developed through court decisions?

What standard determines reasonable care in a situation?

What legal doctrine shifts the burden of proof to multiple defendants when the responsible party is uncertain?

What liability concept applies when manufacturers share responsibility for a harmful product?

What is the act of leaving a dangerous article with someone likely to misuse it?

What statute protects individuals providing emergency aid from liability?

What lawsuit allows one or a small group to represent many?

What legal action exists for the survivors of a deceased person?

What expanded liability concept applies when all defendants acted together?

What is the body of law dealing with environmental protection?