Exam 2 Review Business Law

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

(a)  

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)  

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