Bsbwor501 Final Exam
Sample Test Questions, Final Exam, Fall 2003, Professor Isler
True/False
Indicate whether the sentence or statement is true or false.
____ 1. When an obvious clerical error exists in a written contract, the contract may not be enforceable.
____ 2. If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be, that party can rescind the contract.
____ 3. A fraudulent contract may be enforced by the innocent party.
____ 4. An act of concealment, with an affirmative misrepresentation, will not be sufficient to give rise to an action for fraud.
____ 5. A statement by a nonexpert seller to a nonexpert buyer about the setback restrictions on a parcel of property must be true or the …show more content…
National Steel, Inc., and Overland Transport Company enter into a contract. Superior Oil Corporation, which will indirectly benefit from the deal, is prevented from having rights under the contract by the principle of
a.|assignment.|
b.|delegation.|
c.|privity.|
d.|vesting.|
____ 113. Sarah and Mike enter into a contract by which Sarah agrees to pay Mike $100 for a new watch. Mike's transfer of his right to receive payment for the new watch is
a.|a delegation.|
b.|an assignment.|
c.|both a and b.|
d.|none of the above.|
____ 114. Reese and Gregg enter into a contract by which Reese promises to deliver sand to Gregg. Reese subsequently delegates his duty to deliver sand to Catherine. Reese is
a.|the obligor.|
b.|the delegator.|
c.|the delegatee.|
d.|both a and b.|
____ 115. Roger and Jason agree that Jason can satisfy a preexisting debt owed to Roger by paying the money directly to Peter. The designation of the contract as a third party beneficiary contract is determined by
a.|the promisee's desire to discharge the debt.|
b.|the existence of a debt.|
c.|both a and b.|
d.|none of the above.|
____ 116. Mike makes a contract with Rich with the intent to benefit Mary. This is
a.|an
True/False
Indicate whether the sentence or statement is true or false.
____ 1. When an obvious clerical error exists in a written contract, the contract may not be enforceable.
____ 2. If the subject matter of a contract turns out to be more valuable than one of the parties believed it would be, that party can rescind the contract.
____ 3. A fraudulent contract may be enforced by the innocent party.
____ 4. An act of concealment, with an affirmative misrepresentation, will not be sufficient to give rise to an action for fraud.
____ 5. A statement by a nonexpert seller to a nonexpert buyer about the setback restrictions on a parcel of property must be true or the …show more content…
National Steel, Inc., and Overland Transport Company enter into a contract. Superior Oil Corporation, which will indirectly benefit from the deal, is prevented from having rights under the contract by the principle of
a.|assignment.|
b.|delegation.|
c.|privity.|
d.|vesting.|
____ 113. Sarah and Mike enter into a contract by which Sarah agrees to pay Mike $100 for a new watch. Mike's transfer of his right to receive payment for the new watch is
a.|a delegation.|
b.|an assignment.|
c.|both a and b.|
d.|none of the above.|
____ 114. Reese and Gregg enter into a contract by which Reese promises to deliver sand to Gregg. Reese subsequently delegates his duty to deliver sand to Catherine. Reese is
a.|the obligor.|
b.|the delegator.|
c.|the delegatee.|
d.|both a and b.|
____ 115. Roger and Jason agree that Jason can satisfy a preexisting debt owed to Roger by paying the money directly to Peter. The designation of the contract as a third party beneficiary contract is determined by
a.|the promisee's desire to discharge the debt.|
b.|the existence of a debt.|
c.|both a and b.|
d.|none of the above.|
____ 116. Mike makes a contract with Rich with the intent to benefit Mary. This is
a.|an