Exam 13: Third-Party Rights and Discharge

A(n)________ is an original creditor who becomes a beneficiary under the debtor's new contract with another party.

An actor signs a contract with a movie studio where she agrees to star in a comedy.Which of the following is true of assignment of such a contract?

Which of the following does the English Rule for successive assignments provide?

An ________ refers to a third party who acquires rights under other people's contracts.

When the government enters into a contract on behalf of a taxpayer,the taxpayer is typically a(n)________.

Where there is a valid delegation of duties but the delegatee has not assumed the duties under a contract,the delegation is called a(n)________.

________ refers to a condition whose occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform.

What does the American Rule for successive assignments provide?

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

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

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.

The time period to bring suit for breach of contract remains constant across all states.

Irrespective of the form of delegation,a delegator remains legally liable for the performance of the contract.

Discuss arguments for and against a delegatee's liability to an obligee for nonperformance or negligent performance.

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

Third parties cannot acquire any rights under other people's contracts at any time.

Jay Bosley borrows $15,000 from the County Bank with an interest rate of 9 percent.Jay defaults on the loan,and County Bank assigns the rights to an agency to recover the money.Jay can raise a defense against County Bank if ________.

Kimlon Informatics has to recover $5,000 from a client for its services.The recovery period is 100 days but Kimlon needs the money immediately.It sells the right of collecting money from its client to Quikcollect,a collection agency.Here,Kimlon Informatics is the ________.

________ is a subjective test that applies to contracts involving individual taste and comfort.

Contracts that require work to be judged by a third person typically are judged by the reasonable person test.