Insurance Basics for Adjusters (Part 1) Take this Course Course Content Expand All | Collapse All Lessons Status 1 Elements of a Contract Consideration Competent Parties Legal Purpose Agreement 2 Insurance Contract Characteristics Aleatory Contract of Adhesion Personal Contract Unilateral Contract Conditional Contract 3 Legal Interpretations Affecting Contracts Ambiguities in a Contract of Adhesion Reasonable Expectations Indemnity Utmost Good Faith Warranties and Representations Fraud Waiver and Estoppel