Exam 2 Review Business Law

Certain type of contract must be in writing and signed by the party against whom enforcement is sought

Which list correctly reflects statue of fraud (needs writing)?

• Real Property, Cannot be performed within one year,

  Collateral promises,

  Consideration of marriage, & Sales of goods of $500 or more

• 
  Sales of goods of $500 or more

• 
  Real Property,

  Consideration of marriage, & Sales of goods of $500 or more

• Real Property, Cannot be performed within one year,

  Collateral promises,

  Consideration of marriage, & Sales of goods of $400 or more

• None of the above

A fully integrated writing constitutes the parties' final agreement on all terms relating to the transaction.

A transaction whereby an obligee (the assignor) transfers his rights to some third party (the assignee)

• Assignment of Rights

• Delegation of Duties

The assignor's contract rights are extinguished

• Assignment of Rights

• Delegation of Duties

The assignee may demand any performance due to assignor.

• Assignment of Rights

• Delegation of Duties

A transaction whereby an obligor (the delegator) frees himself from his duties by having some third party (the delegate) performs those duties

• Assignment of Rights

• Delegation of Duties

Delegator remains liable for his contract duties

• Assignment of Rights

• Delegation of Duties

Intended Beneficiary

• Third Party for whose benefit a contract is formed

• Intended beneficiary's rights vest (become enforceable) upon consent or detrimental

• Third party who benefits from the performance of a contract, but whose benefit was not the reason the contract was formed

• Generally, cannot enforce a contract because the benefit received is unintentional

Incidental Beneficiary

• Third Party for whose benefit a contract is formed

• Intended beneficiary's rights vest (become enforceable) upon consent or detrimental

• Third party who benefits from the performance of a contract, but whose benefit was not the reason the contract was formed

• Generally, cannot enforce a contract because the benefit received is unintentional