Question 1

In order for an assignment to be valid, an assignee must agree to accept the assigned rights.

Accepted Answer

A) True 
 B)False

Question 2

What are the three main purposes of the statute of frauds?

Accepted Answer

First, the statute attempts to ease cont...

Question 3

Which of the following is false regarding the statute of frauds?

Accepted Answer

A)   It relates to fraudulent contracts.
B)   It does not address illegal contracts.
C)   It does not exist at the federal level.
D)   The statute requires that certain contracts be in writing.
E)   Some states have statutes of frauds created by judicial decision rather than legislation.F) C) and E)
G) None of the above

Question 4

Which of the following are considered an interest in land within the statute of frauds?

Accepted Answer

A)   Promises to sell crops annually.
B)   Agreements between parties for profit sharing from the sale of real property.
C)   Boundary disputes that have been settled through the use of land.
D)   Promises to sell crops annually, agreements between parties for profit sharing from the sale of real property, and boundary disputes that have been settled through the use of land.
E)   None of these.F) C) and E)
G) A) and E)

Question 5

A ___________ clause is a clause parties include in a written agreement within the statute of frauds that states that the written agreement accurately reflects the final, complete version of the agreement.

Accepted Answer

A)   Adhesion
B)   Complete
C)   Parol
D)   Merger
E)   ConsolidationF) B) and C)
G) A) and E)

Question 6

Which of the following was the result on appeal in Traffic Control Services v. United Rentals Northwest, Inc., the case in the text involving the issue of whether employee noncompetition covenants were assignable?

Accepted Answer

A)   That employee noncompetition agreements are not of a personal nature but may be assigned with the consent of the employee.
B)   That employee noncompetition agreements are not of a personal nature and may be assigned without the consent of the employee.
C)   That employee noncompetition agreements are of a personal nature and cannot be assigned without the express consent of an employee.
D)   That employee noncompetition agreements are legal only when professionals are involved, that the employee at issue was not a professional, and that, therefore, the agreement was illegal and not assignable.
E)   That employee noncompetition agreements are illegal in general and, therefore, not assignable.F) A) and E)
G) B) and E)

Question 7

Reference - Lake House. Harry has two houses, a house on the lake and a house in town. Rebecca wants to buy the house on the lake. Harry and Rebecca orally agree that Rebecca will buy the house on the lake for $300,000. Harry hurriedly writes out a contract providing that he would sell "his house" to Rebecca for $300,000. Harry signs the top of the document. Rebecca does not sign at all. No merger clause is included in the contract. Harry backs out of the contract, and Rebecca sues him. He tells the judge that the statute of frauds is not satisfied because he did not sign the document at the end and also because Rebecca did not sign at all. He also tells the judge that, at any rate, the agreement referred to the house in town, not the house on the lake; and that under the parol evidence rule, he had the right to identify the correct house. Which of the following is true regarding Harry's assertion that under the parol evidence rule he alone had the right to identify the house referenced in the contract?

Accepted Answer

A)   Harry is correct.
B)   Harry is incorrect because under the parol evidence rule, Rebecca, as the buyer, would be allowed to identify the subject matter in the event of a discrepancy.
C)   Harry is incorrect because under the parol evidence rule, the judge would likely allow oral evidence regarding the house at issue in order to clarify an ambiguity.
D)   Harry is incorrect because the parol evidence rule would not apply in situations involving an ambiguity.
E)   Harry is incorrect because the parol evidence rule would not apply in the absence of a merger clause.F) A) and E)
G) B) and E)

Question 8

Reference - Third-Party Woes. Trudy owed Sam $40 for a book she purchased from him. Trudy mowed Betty's yard for $40 and agreed with Betty that Betty would pay Sam for the book. Sam is not initially aware of the agreement. Betty pays no one. Trudy also mowed Bob's yard for $40 in return for Bob's agreement to give the payment to Sally representing Trudy's birthday present to Sally. Bob later refuses to do so saying that promises to give gifts are not enforceable. He then moves out of town. Trudy tells both Sam and Sally that she is broke, that Sam needs to get his $40 for the book from Betty, and that Sally is owed $40 from Bob for her birthday present. Which of the following is the likely result if Sam sues Betty for the $40 that Trudy owes him for the book?

Accepted Answer

A)   Sam will lose because the attempted delegation was against public policy.
B)   Sam will lose because his only right of action is against Trudy.
C)   Sam will lose because he was not aware of the assignment before the duties were completed.
D)   Sam will win only if he can prove that Trudy has insufficient funds with which to pay him.
E)   Sam will win.F) None of the above
G) B) and C)

Question 9

Which of the following is most accurate regarding what may be assigned even in the presence of an antiassignment clause?

Accepted Answer

A)   Assignments made by operation of law.
B)   Assignments for the right to receive monetary payments.
C)   Assignments for the right to receive damages for a breach of contract to sell goods or services.
D)   Assignments made by operation of law, and assignments for the right to receive monetary payments, but not assignments for the right to receive damages for a breach of contract to sell goods or services.
E)   Assignments made by operation of law, assignments for the right to receive monetary payments, and assignments for the right to receive damages for a breach of contract to sell goods or services.F) A) and B)
G) B) and E)

Question 10

Which of the following is a contractual party who agrees to do something for the other party?

Accepted Answer

A)   Obligor
B)   Obligee
C)   Assignor
D)   Assignee
E)   BoundeeF) B) and C)
G) A) and E)

Question 11

A third party who is not part of an original contract but who is transferred a duty to perform contained in the original contract is called a[n] ___________.

Accepted Answer

A)   Delegatee
B)   Delegator
C)   Assignor
D)   Assignee
E)   TransferorF) C) and D)
G) A) and B)

Question 12

A[n] ___________ occurs when a party to a contract transfers her duty to perform to a third party who is not part of the original contract.

Accepted Answer

A)   Transfer
B)   Assignment
C)   Delegation
D)   Performance
E)   Unenforceable occurrenceF) C) and D)
G) A) and B)

Question 13

When a donee beneficiary may enforce his rights under a contract, he may do so only against the _____.

Accepted Answer

A)   Promisee
B)   Promisor
C)   Obligor
D)   Promisee and promisor, but not obligor
E)   Promisee, promisor, and obligorF) B) and E)
G) C) and D)

Question 14

Richard has insurance with ABC Insurer. Richard has a wreck with Susie. The adjuster for ABC Insurer orally agrees to pay Susie $1,000 for the damage to her car. The adjuster, however, gets in trouble with his boss for agreeing to pay too much. He tells Susie that he is backing out of the deal because the agreement is unenforceable on the basis that the statute of frauds requires that a contract to pay the debt of another be in writing. Is the adjuster correct? Why or why not?

Accepted Answer

The adjuster is not correct. The insurer...

Question 15

All states except ___________ adhere to the admission exception to the statute of frauds.

Accepted Answer

A)   Hawaii and Alaska.
B)   Louisiana and New York
C)   Louisiana and California
D)   Kentucky and Florida
E)   North Carolina and MontanaF) C) and E)
G) A) and B)

Question 16

Which of the following are exceptions to the parol evidence rule?

Accepted Answer

A)   Contracts that have been subsequently modified
B)   Contracts conditioned on orally agreed-on terms
C)   Contracts that are not final as they are part written and part oral
D)   Contracts with ambiguous terms
E)   All of theseF) C) and E)
G) A) and B)

Question 17

Reference - Not So Rich Uncle. Bruce is attempting to convince Sally to marry him. He promises her that if she will marry him, he will buy a new Mercedes automobile for her within six months of the marriage and take her on a world tour within a year of the marriage date. Sally reluctantly agrees, and they sign an agreement by which Bruce agrees to provide the Mercedes and world tour. Bruce and Sally marry on January 1. Unexpectedly, on March 1, Bruce's supposedly rich uncle, Frank, dies. Frank has no living relatives other than Bruce, and Frank's will leaves everything to Bruce who is also appointed executor. In attempting to settle the estate, Bruce agrees orally to pay out of his own pocket debts of Frank totaling $10,000. Sally is concerned about Bruce's doing so. Bruce tells her not to worry because he will get all the money back when the estate settles. Bruce admits to a number of friends that he agreed to settle the debts out of his own pocket because he needed to obtain assets from the estate in a hurry. The assets were needed in large part to satisfy his obligations to Sally. Surprisingly, it later came to light that prior to his death Frank had signed away all his assets to his girlfriend in Argentina. There was nothing left in the estate for Bruce to inherit. Bruce disavowed his agreement to pay $10,000 to various creditors. Which of the following is true regarding Bruce's promises to Sally of a Mercedes and a trip?

Accepted Answer

A)   The promises fall within the statute of frauds.
B)   The promises do not fall within the statute of frauds because they involve material matters, not matters involving home and children.
C)   The promise regarding the Mercedes falls within the statute of frauds but the promise regarding the trip does not.
D)   The promise regarding the trip falls within the statute of frauds but the promise regarding the Mercedes does not.
E)   The promises would have fallen within the statute of frauds in earlier times in history, but would not fall within the statute of frauds in this day and time.F) A) and B)
G) A) and D)

Question 18

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)   None of these. There are no third-party beneficiary contracts, only second-party beneficiary contracts.F) B) and E)
G) A) and B)

Question 19

Which of the following is false regarding assignment of claims in Russia?

Accepted Answer

A)   The assignment of rights, or "assignment of claims," in Russia is highly regulated by the Russian common law.
B)   Russian law does not address the assignment of a contract in the same manner as the United States.
C)   Economic or monetary rights of the assignor may be transferred to another person.
D)   Alimony rights may not be assigned to another person.
E)   Assignments must be in writing.F) D) and E)
G) B) and E)

Question 20

Which of the following states that in the case of multiple assignments of the same right, the first party granted the assignment is the party correctly entitled to the contractual right?

Accepted Answer

A)   The first-assignment-in-time rule
B)   The last-assignment-in-time rule
C)   The English rule
D)   The French rule
E)   The American ruleF) A) and B)
G) A) and C)

Exam 12: Reality of Assent

What are the three main purposes of the statute of frauds?

Correct Answer
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First, the statute attempts to ease cont...
View Answer

Which of the following is a contractual party who agrees to do something for the other party?

Correct Answer
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Which of the following was the result on appeal in Traffic Control Services v. United Rentals Northwest, Inc., the case in the text involving the issue of whether employee noncompetition covenants were assignable?

Correct Answer
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Which of the following is false regarding assignment of claims in Russia?

Correct Answer
verified

A[n] ___________ occurs when a party to a contract transfers her duty to perform to a third party who is not part of the original contract.

Correct Answer
verified

In order for an assignment to be valid, an assignee must agree to accept the assigned rights.

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

Correct Answer
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Correct Answer
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Correct Answer
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Which of the following is most accurate regarding what may be assigned even in the presence of an antiassignment clause?

Correct Answer
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Correct Answer
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The adjuster is not correct. The insurer...
View Answer

Correct Answer
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All states except ___________ adhere to the admission exception to the statute of frauds.

Correct Answer
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Which of the following are considered an interest in land within the statute of frauds?

Correct Answer
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Which of the following states that in the case of multiple assignments of the same right, the first party granted the assignment is the party correctly entitled to the contractual right?

Correct Answer
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When a donee beneficiary may enforce his rights under a contract, he may do so only against the _____.

Correct Answer
verified

A ___________ clause is a clause parties include in a written agreement within the statute of frauds that states that the written agreement accurately reflects the final, complete version of the agreement.

Correct Answer
verified

A third party who is not part of an original contract but who is transferred a duty to perform contained in the original contract is called a[n] ___________.

Correct Answer
verified

Which of the following is false regarding the statute of frauds?

Correct Answer
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Which of the following are exceptions to the parol evidence rule?

Correct Answer
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Exam 12: Reality of Assent

What are the three main purposes of the statute of frauds?

Correct AnswerverifiedFirst, the statute attempts to ease cont...View AnswerShow Answer

Which of the following is a contractual party who agrees to do something for the other party?

Correct AnswerverifiedShow Answer

Which of the following was the result on appeal in Traffic Control Services v. United Rentals Northwest, Inc., the case in the text involving the issue of whether employee noncompetition covenants were assignable?

Correct AnswerverifiedShow Answer

Which of the following is false regarding assignment of claims in Russia?

Correct AnswerverifiedShow Answer

A[n] ___________ occurs when a party to a contract transfers her duty to perform to a third party who is not part of the original contract.

Correct AnswerverifiedShow Answer

In order for an assignment to be valid, an assignee must agree to accept the assigned rights.

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is most accurate regarding what may be assigned even in the presence of an antiassignment clause?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe adjuster is not correct. The insurer...View AnswerShow Answer

Correct AnswerverifiedShow Answer

All states except ___________ adhere to the admission exception to the statute of frauds.

Correct AnswerverifiedShow Answer

Which of the following are considered an interest in land within the statute of frauds?

Correct AnswerverifiedShow Answer

Which of the following states that in the case of multiple assignments of the same right, the first party granted the assignment is the party correctly entitled to the contractual right?

Correct AnswerverifiedShow Answer

When a donee beneficiary may enforce his rights under a contract, he may do so only against the _____.

Correct AnswerverifiedShow Answer

A ___________ clause is a clause parties include in a written agreement within the statute of frauds that states that the written agreement accurately reflects the final, complete version of the agreement.

Correct AnswerverifiedShow Answer

A third party who is not part of an original contract but who is transferred a duty to perform contained in the original contract is called a[n] ___________.

Correct AnswerverifiedShow Answer

Which of the following is false regarding the statute of frauds?

Correct AnswerverifiedShow Answer

Which of the following are exceptions to the parol evidence rule?

Correct AnswerverifiedShow Answer

Correct Answer
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First, the statute attempts to ease cont...
View Answer

Correct Answer
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The adjuster is not correct. The insurer...
View Answer

Correct Answer
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