Exam 15: Third-Party Rights and Discharge

Mr.Jacob, who is terminally ill, writes a will transferring all his assets to his daughter Silvia, in the event of his death.The doctors say that Mr.Jacob will live for about six months.The day after the will is written, Silvia wishes to transfer her expected inheritance to her son, Jacob Jr.This assignment will be ________.

(Multiple Choice)

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Question 61

Which of the following is true in the event that an assignee does not provide a notice of assignment to the obligor?

(Multiple Choice)

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Question 62

A creditor beneficiary refers to an original creditor who becomes a beneficiary under the debtor's new contract with another party.

(True/False)

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Question 63

________ is a clause in a contract in which the parties specify certain events that will excuse nonperformance.

(Multiple Choice)

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Question 64

Which of the following is true of discharge of performance by agreement?

(Multiple Choice)

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Question 65

Anti-assignment clause in a contract prohibits the assignment of rights under the contract.

(True/False)

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Question 66

In a case of assumption of duties, the delegatee is not liable for nonperformance.

(True/False)

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Question 67

A party who is owed a right under a contract is called the obligor.

(True/False)

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Question 68

Which of the following rights is generally assignable in the United States?

(Multiple Choice)

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Question 69

An incidental beneficiary has no rights to enforce or sue under other people's contracts.

(True/False)

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Question 70

The right to sue another party for a violation of personal rights can be assigned.

(True/False)

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Question 71

The term ________ refers to a third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the promisor.

(Multiple Choice)

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Question 72

A statute of limitations establishes the time period during which a lawsuit must be brought.

(True/False)

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Question 73

________ is an objective test that applies to commercial contracts and contracts involving mechanical fitness.

(Multiple Choice)

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Question 74

A substituted contract substitutes a new party for one of the original contracting parties.

(True/False)

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Question 75

A(n)________ is used if the obligor does not want to deal with or render performance to an unknown third party.

(Multiple Choice)

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Question 76

Ellen, who has a safe driving record, purchases automobile insurance from an insurance company.Ellen cannot assign her rights to be insured to another driver for which of the following reasons?

(Multiple Choice)

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Question 77

The reasonable person test is used to judge contracts involving mechanical fitness.

(True/False)

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Question 78

An obligee who transfers the right to receive performance is called the ________.

(Multiple Choice)

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Question 79

Terms such as sell, convey, and give indicate the intent to transfer a contract right.

(True/False)

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Question 80

Showing 61 - 80 of 80

Exam 15: Third-Party Rights and Discharge

Which of the following is true in the event that an assignee does not provide a notice of assignment to the obligor?

A creditor beneficiary refers to an original creditor who becomes a beneficiary under the debtor's new contract with another party.

________ is a clause in a contract in which the parties specify certain events that will excuse nonperformance.

Which of the following is true of discharge of performance by agreement?

Anti-assignment clause in a contract prohibits the assignment of rights under the contract.

In a case of assumption of duties, the delegatee is not liable for nonperformance.

A party who is owed a right under a contract is called the obligor.

Which of the following rights is generally assignable in the United States?

An incidental beneficiary has no rights to enforce or sue under other people's contracts.

The right to sue another party for a violation of personal rights can be assigned.

The term ________ refers to a third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the promisor.

A statute of limitations establishes the time period during which a lawsuit must be brought.

________ is an objective test that applies to commercial contracts and contracts involving mechanical fitness.

A substituted contract substitutes a new party for one of the original contracting parties.

A(n)________ is used if the obligor does not want to deal with or render performance to an unknown third party.

Ellen, who has a safe driving record, purchases automobile insurance from an insurance company.Ellen cannot assign her rights to be insured to another driver for which of the following reasons?

The reasonable person test is used to judge contracts involving mechanical fitness.

An obligee who transfers the right to receive performance is called the ________.

Terms such as sell, convey, and give indicate the intent to transfer a contract right.

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