FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 11: Conclusion to Contracts

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Multiple Choice

Review LaterAdd Note

Review Later

Linda assigns to Ben a right to receive rent payments.The law implies the following warranty on Linda's part:

A) the tenant is solvent.
B) Linda actually has a right to the rental payments.
C) the tenant will actually pay.
D) No warranties are implied by law in an assignment.

Correct Answer

verified

Show Answer

Question 22

True/False

Review LaterAdd Note

Review Later

A statute of limitations begins to run at the time of injury and will limit the time within which the injured party may file suit.

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

Wright Company contracted with the city of St.Louis to train and employ disadvantaged youths.If Wright fails to fulfill the contract and is sued by one of the disadvantaged youths,the youth would:

Shirley is an actress under contract with Twentieth Century.Shirley agreed to perform the lead role in a musical to be filmed in Hollywood by Twentieth Century.At the last minute,Twentieth Century decided to scrap the musical and assigned its rights in Shirley to MGM.MGM was planning to film a western in Australia requiring Shirley to spend six months filming in Australia.Can Shirley successfully prevent this assignment?

If Ray agrees to rake leaves for Michelle in exchange for Michelle's promise to pay off the debt Ray owes to Dean,then Dean is a donee beneficiary of the agreement between Ray and Michelle.

A rock group assigns its payment under a performance contract to the Costume Shop,a business that has supplied the group with outrageous stage outfits,and to which the group owes a great sum of money.This is:

Susan took out a life insurance policy on herself,paying all of the premium payments.She named her daughter,Jessica,as the beneficiary under the policy.Jessica has not given anything in consideration for the policy.Jessica is:

An assignment is effective against the obligor from the moment it is made,regardless of whether the assignor notifies the obligor.

Expectation interest can best be described as money spent in reliance upon the agreement.

Brandon orally assigned his right to $100 to Will as a gift.This assignment is:

The first step a court takes in choosing a remedy is to determine:

Which of the following duties can probably be delegated?

A third party beneficiary's status occurs:

Jerry purchased a state-of-the-art computer for his personal use from Computer City on an installment loan contract thinking he would make monthly payments directly to Computer City.The sales contract stated that in the event the contract is assigned to a third party,the purchaser (Jerry) promises he will not assert any claim or defense against the assignee which he might have against Computer City.Computer City immediately assigns the contract rights to Finance USA.The computer stops working within two weeks of the purchase.

A nonparty to a contract may enforce the contract if the person is:

Ted and Alice own their recreational vehicle subject to a security agreement to Third U.S.Bank to secure the repayment of the purchase money loan.Ted and Alice sell their RV to Bob and Carol,who agree to take over the loan payments to the bank.There is no novation with the bank.Under these facts,if Bob and Carol do not make the loan payments,Third U.S.Bank:

Molly and Craig are the original parties to a contract.Craig is obligated to design a Website for Molly.They subsequently make an agreement with Eric that Eric should take the place of Craig and assume all of Craig's rights and duties under the contract.The agreement releases Craig from his obligations under the contract.This agreement is:

An assignment:

Tyron purchased a vacant lot and entered into a contract with BZ Inc.to construct a shopping center on the site.Douglas heard about this contract and built a restaurant on an adjoining piece of property because of the planned shopping center.Tyron was unable to raise the necessary capital and was unable to perform the contract with BZ,Inc.Douglas sued Tyron for breach of contract as a third party beneficiary.Douglas will probably:

Johann,a well-known musician,agrees to give ten guitar lessons to Elton for $2,000.Nothing in the contract itself prohibits a delegation.If Johann delegates his obligation to Eugene,a second-year musical student and enthusiastic guitar player,then the delegation will probably be: