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

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Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

Multiple Choice

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

Explanation:
In contract formation, the offeree is the party who receives the offer and responds by promising to perform or by actually performing in return for what is offered. The offeror is the one who makes the offer. Acceptance is the act that creates the contract, not the party’s role. Restitution has to do with restoring value, not identifying a contracting party. So the description fits the offeree—the person who accepts or responds to the offer.

In contract formation, the offeree is the party who receives the offer and responds by promising to perform or by actually performing in return for what is offered. The offeror is the one who makes the offer. Acceptance is the act that creates the contract, not the party’s role. Restitution has to do with restoring value, not identifying a contracting party. So the description fits the offeree—the person who accepts or responds to the offer.

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