BLAW 3430 Exam 4 Review | 100% Correct | Verified | 2024 Version

The transfer of a contract right to a third party is known as a(n): - assignment. A(n) __________ is a substitution for an old contract with a new one that either replaces an existing obligation with a new obligation with a new obligation or replaces an original party with a new party. - novation When a contract is intended to benefit a third person, such a person is a(n): - intended beneficiary. A(n) __________ is an intended beneficiary of a contract who receives the benefits of the contract as a gift. - donee beneficiary Which of the following is true about the vesting of an incidental beneficiary's rights? - An incidental beneficiary was not meant to benefit from the contract, thus he acquires no rights A(n) __________ stands exactly in the position of the __________. - assignee; assignor Not all classes of beneficiaries receive rights in the underlying contract. Which one does not? - Incidental beneficiaries. A clear and specific contractual prohibition against the assignment of rights __________ enforceable at common law. - Is The party owing a debt under a contract is the: - obligor Which of the following is/are true concerning the requirements for the form of an assignment? - a. An assignment may be in any form. b. Statutes may require certain assignments be in writing or executed in a particular form.c. Any words, written or spoken, that show an intention to transfer or assign