The party to a contract who promises to give something in return for a promise or act 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 promises to give something in return for a promise or act by another party is called?

Explanation:
The key idea is identifying who initiates the contract by proposing terms. The party who promises to give something in exchange for the other party’s promise or act is the offeror. They create the offer and set the terms that the other party— the offeree— may accept. Acceptance then completes the agreement, while forbearance means refraining from a legal right and isn’t the person who makes the offer.

The key idea is identifying who initiates the contract by proposing terms. The party who promises to give something in exchange for the other party’s promise or act is the offeror. They create the offer and set the terms that the other party— the offeree— may accept. Acceptance then completes the agreement, while forbearance means refraining from a legal right and isn’t the person who makes the offer.

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