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BLAW ch 16
| Term | Definition |
|---|---|
| The transfer of a contract right to a third party is known as a(n): | assignment |
| A(n) __________ is a substitution for an old contract with a new one that either replaces an existing obligation with a new obligation with a new obligation or replaces an original party with a new party | novation |
| When a contract is intended to benefit a third person, such a person is a(n): | intended beneficiary |
| A(n) __________ is an intended beneficiary of a contract who receives the benefits of the contract as a gift | donee beneficiary |
| Which of the following is true about the vesting of an incidental beneficiary's rights? | An incidental beneficiary was not meant to benefit from the contract, thus he acquires no rights |
| A(n) __________ stands exactly in the position of the __________. | assignee; assignor |
| Not all classes of beneficiaries receive rights in the underlying contract. Which one does not? | incidental beneficiaries |
| A clear and specific contractual prohibition against the assignment of rights __________ enforceable at common law. | is |
| The party owing a debt under a contract is the: | obligor |
| Which of the following is/are true concerning the requirements for the form of an assignment? | An assignment may be in any form, Statutes may require certain assignments be in writing or executed in a particular form, Any words, written or spoken, that show an intention to transfer or assign will be respected |
| Sometimes the promisee's primary intent is to discharge a duty to a third party. Which of the following describes that type of contract? | A contract where the insured names a bank with which he has a loan as the beneficiary of a life insurance policy |
| Which of the following duties would not be delegable? | Andy has a duty to teach an accounting class at a community college during the fall semester |
| Officer Friendly has a life insurance policy on his own life that provides that in the event of his death, his mother will receive the proceeds. Officer Friendly’s mother is a(n | donee beneficiary |
| Trent wants to buy a new car goes to the bank to get a loan for the purchase, signs an agreement to pay $15 a month in premiums on a term life ins policy which names bank as recipient of the policy $ if he dies before the loan repaid The bank is a | creditor beneficiary |
| Randolph enters into a contract with a contractor to build a large office building in Central City. Gas-N-Go will greatly benefit from this contract since his convenience store is adjacent to the building. Gas-N-Go in this instance is | an incidental beneficiary |
| Drake, a contractor, and Lonnie, a landowner, have a contract whereby Drake is to perform routine construction services according to the blueprints that Lonnie has provided. Drake assigns the contract to Brad, a developer. As a result of this assignment | Drake no longer has any rights under the contract, but he remains responsible for the duties he agreed to perform |
| In which of the following situations is there a third party incidental beneficiary who would be unable to enforce the agreement | A t-shirt store hoping to sell national championship t-shirts, located across the street from a stadium where the home team loses the national championship due to a bad call by the referee hired by the conference |
| Brandon promises Debbie to deliver an iPad to Edward if Debbie promises to pay Brandon $200. What is Edward’s status in this agreement | intended beneficiary |
| Brandon promises Debbie to deliver a full working iPad if D promises to pay B $200. D then gives the iPad to Edward. Unfortunately, the iPad is defective and will not turn on for Edward. If Edward sues Brandon for breach of contract, will he be successful | No, because Edward is an incidental beneficiary |
| Will owes Juan $1,000 due on July 1. Juan assigns the debt to Joshua on June 1, but neither Juan nor Joshua informs Will. On July 1, Will pays Juan $1,000. Is Will fully discharged from his obligation? | Yes, because he did not receive notice of Juan’s assignment to Joshua. |
| Patty owes a legal duty to Nancy because P owes N $ from a previous obligation. Later, P makes a loan contract with Lee, where Lee owes P $5K P then assigns her contract rights from her agreement with Lee to N in order to satisfy her duty to her. N is a | creditor beneficiary |
| One issue before the court in Stine v. Stewart case was | whether Stine was an intended third-party beneficiary to the Stewart’s Agreement Incident to Divorce. |
| In the matter of Reiser v. Dayton Country Club Company what issue did the court consider | The court reviewed the right to assign membership in a golf and country club |
| One issue before the court in the Aldana v. Colonial Palms Plaza, Inc. case was | whether the anti-assignment clause in the lease prevented the Tenant from assigning the construction allowance to Aldana |
Created by:
hailee15