This preview shows page 1. Sign up to view the full content.
Unformatted text preview: , they agree that Eve will pay the $150 directly to Dans creditor, First State Bank. The bank is A) a delegatee. B) an assignee. Feedback: C) an incidental beneficiary. D) an intended beneficiary. Points Earned: 1.0/1.0 Correct Answer(s): B 4. Jill insures her warehouse under a policy with Kappa Insurance Company. Jill assigns the policy to Lyle, who also owns a warehouse. Kappas best argument against the assignment of the policy is that A) it did not consent to the assignment. B) it was not paid for the assignment. C) the assignment will materially alter its risk. Feedback: D) this is a personal service contract. Points Earned: 1.0/1.0 Correct Answer(s): C 5. Nora signs a contract to provide lawn mowing services to Owen. Nora delegates her duty under the contract to Pat. Owen can compel performance from A) Nora only. B) Pat only. C) Pat or, if Pat does not perform, Nora. Feedback: D) none of these. Points Earned: 1.0/1.0 Correct Answer(s): C 6. Ann enters a contract with Bill. Before either party performs, rescission of their contract requires A) additional consideration. B) a mutual agreement to rescind. Feedback: C) performance by both parties. D) restitution. Points Earned: 1.0/1.0 Correct Answer(s): B 7. Sam and Tony want to discharge their obligations under a prior contract by executing and performing a new agreement. They must execute and perform A) an accord and satisfaction. Feedback: B) an assignment. C) a novation. D) a nullification. Points Earned: 1.0/1.0 Correct Answer(s): A 8. Lee and Mary want Nick to replace Lee as a party to their contract. They can best accomplish this by agreeing to A) an accord and satisfaction. B) an assignment. C) a novation. Feedback: D) a nullification. Points Earned: 1.0/1.0 Correct Answer(s): C 9. Adam contracts with Beth to deliver Beths goods to her customers. This contract will, like most contracts, be discharged by A) accord and satisfaction. B) agreement. C) operatio...
View Full Document
This note was uploaded on 12/01/2010 for the course BUSINESS L 100 taught by Professor Random during the Fall '10 term at Oklahoma City Community College.
- Fall '10