Multiply Choice

1. Yost contracted with Egan for Yost to buy certain real property. If the contract is otherwise silent, Yost’s rights under the contract are:

(a) Assignable only with Egan’s consent

(b) Nonassignable because they are personal to Yost

(c) Nonassignable as a matter of law

(d) Generally assignable

2. One of the criteria for a valid assignment of a sales contract to a third party is that the assignment must:

(a) Not materially increase the other party’s risk or duty

(b) Not be revocable by the assignor

(c) Be supported by adequate consideration from the assignee

(d) Be in writing and signed by the assignor

3. Amanda agrees to pay Jennifer $300 for a pair of tickets to see Jerry Seinfeld. “Seinfeld is my boyfriend Octavio’s favorite comedian, and the tickets will be a great birthday present for him,” she tells Jennifer. Amanda pays up and tells a delighted Octavio about the tickets, but Jennifer never delivers them. Octavio is a(n) beneficiary of the agreement, and as such, he have a right to enforce the contract himself.

(a) Donee; does

(b) Donee; does not

(c) Incidental; does

(d) Incidental; does not

4. A novation completely releases an from any further liability. To be effective, it require the agreement of both the obligor and obligee.

(a) Obligor; does

(b) Obligor; does not

(c) Obligee; does

(d) Obligee; does not

5. Will misses three straight payments on his SUV, and his bank repossesses it. The right to repossess a security interest. Security interests are governed by Article of the Uniform Commercial Code.

(a) Is; 2

(b) Is; 9

(c) Is not; 2

(d) Is not; 9