Question 1

When parties include a[n] ______ clause in their contract,the parties are attempting to limit their ability to assign their rights under the contract.

Accepted Answer

A)   Antiobligation
B)   Antiassignment
C)   Anticontract
D)   Severability
E)   IntegrationF) C) and D)
G) A) and E)

Question 2

The ______ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.

Accepted Answer

A)   Promisee
B)   Promisor
C)   Obligor
D)   Obligee
E)   AssigneeF) None of the above
G) A) and B)

Question 3

Sally agrees to mow Paul's yard for $300 for the summer.Paul wishes to assign the contract to his grandmother.Sally objects because Paul's yard is very small while his grandmother's yard is over an acre.Which of the following is the correct legal outcome for the dispute between Sally and Paul?

Accepted Answer

A)   Sally will win because Paul's attempted assignment would increase the duties to which she agreed.
B)   Sally will win because all assignments are invalid without the obligor's consent.
C)   Sally will win unless Paul paid her the $300 in advance in which case Paul will win.
D)   Paul will win because he may validly assign the contract without Sally's consent.
E)   Paul will win so long as he tells Sally about the assignment prior to the time she begins any performance whatsoever.F) A) and D)
G) B) and E)

Question 4

Which of the following is false regarding the rights of an assignee and assignor?

Accepted Answer

A)   Assignees essentially fill in for the assignor as the legal recipient of contractual duties.
B)   Assignees acquire the same contractual duties as the assignor had.
C)   Assignees are offered more protection than assignors.
D)   The obligor may raise any of the same defenses for nonperformance against the assignee that he would have been able to raise against the assignor.
E)   When an assignor transfers rights to an assignee, the assignor legally gives up all rights he or she previously had to collect on the contract.F) All of the above
G) A) and D)

Question 5

What is the term for the party to a contract who transfers his or her rights to a contract to a third party?

Accepted Answer

A)   Transferor
B)   Transferee
C)   Relator
D)   Assignor
E)   AssigneeF) A) and B)
G) A) and C)

Question 6

The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.

Accepted Answer

A)   Promisee
B)   Promisor
C)   Obligor
D)   Obligee
E)   AssignorF) C) and D)
G) B) and E)

Question 7

Which of the following,if any,is needed in order for an assignment to be valid?

Accepted Answer

A)   UCC 2-301 Form
B)   UCC 4-305 Form
C)   Business 2-547 Form
D)   Business 4-298 Form
E)   No form is required.F) A) and B)
G) C) and E)

Question 8

Russia has modified the Russian Civil Code to reflect the freedom of assignments found in the American Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Exam 19: Third Party Rights to Contracts

What is the term for the party to a contract who transfers his or her rights to a contract to a third party?

Correct Answer
verified

The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.

Correct Answer
verified

Russia has modified the Russian Civil Code to reflect the freedom of assignments found in the American Uniform Commercial Code.

Correct Answer
verified

The ______ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.

Correct Answer
verified

Sally agrees to mow Paul's yard for $300 for the summer.Paul wishes to assign the contract to his grandmother.Sally objects because Paul's yard is very small while his grandmother's yard is over an acre.Which of the following is the correct legal outcome for the dispute between Sally and Paul?

Correct Answer
verified

When parties include a[n] ______ clause in their contract,the parties are attempting to limit their ability to assign their rights under the contract.

Correct Answer
verified

Which of the following,if any,is needed in order for an assignment to be valid?

Correct Answer
verified

Which of the following is false regarding the rights of an assignee and assignor?

Correct Answer
verified

Exam 19: Third Party Rights to Contracts

What is the term for the party to a contract who transfers his or her rights to a contract to a third party?

Correct AnswerverifiedShow Answer

The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.

Correct AnswerverifiedShow Answer

Russia has modified the Russian Civil Code to reflect the freedom of assignments found in the American Uniform Commercial Code.

Correct AnswerverifiedShow Answer

The ______ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.

Correct AnswerverifiedShow Answer

Sally agrees to mow Paul's yard for $300 for the summer.Paul wishes to assign the contract to his grandmother.Sally objects because Paul's yard is very small while his grandmother's yard is over an acre.Which of the following is the correct legal outcome for the dispute between Sally and Paul?

Correct AnswerverifiedShow Answer

When parties include a[n] ______ clause in their contract,the parties are attempting to limit their ability to assign their rights under the contract.

Correct AnswerverifiedShow Answer

Which of the following,if any,is needed in order for an assignment to be valid?

Correct AnswerverifiedShow Answer

Which of the following is false regarding the rights of an assignee and assignor?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified