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____1.The rights under a contract for personal service normally can be assigned.
____2.An intended beneficiary can sue directly to enforce a promisor's promise.
____3.A donee beneficiary can never sue to enforce the promise of a promisor.
____4.The vesting of contractual rights in a third party will always prevent the original parties to the
contract from modifying it.
____5.If a contract does not require that performance be rendered directly to a third party, the third party
will be considered an intended beneficiary.
____6.Conditions precedents are more common than conditions subsequent.
____7.Concurrent conditions occur only when the parties to a contract are required to perform their
respective duties simultaneously.
____8.A contract that involves mechanical fitness is a contract in which performance must personally
satisfy the party to whom performance is owed.
____9.A remedy is the means employed to enforce a right or to redress an injury.
____10.A party seeking to recover compensatory damages may also be entitled to recover incidental
damages.
____11.A person's actions may cause a breach of contract or a tort, but not both.
____12.A breach of contract may entitle the innocent party to rescind the contract.
____13.Recovery under quasi contract may be used when one party partially performs under a contract
that is unenforceable.
____14.Bankruptcy law has one goal-to ensure equitable treatment to creditors who are competing for a
debtor's assets.
____15.Bankruptcy proceedings are held in federal bankruptcy courts.
____16.In a sole proprietorship, the owner takes all of the profits.
____17.A sole proprietorship is a separate legal entity for tax purposes.
____18.Franchisees ordinarily pay no fee for a franchise license.
____19.Under no circumstances may a franchisor establish an additional franchise in a territory allotted to
a franchisee.
____20.In some circumstances, a franchisor may be liable for the act of a franchisee's employee.
____21.Each partner has the right to sell partnership property as if he or she was the exclusive owner.
____22.A partner cannot "wrongfully" dissociate from a partnership.
____23.A partnership dissolves when a partner ceases to be associated with the carrying on of partnership
business.
____24.In a limited partnership, the liability of a limited partner is limited to the amount of capital he or
she has invested in the partnership.
____25.Express powers of a corporation can be found in the law of the state of incorporation.
____26.In some states, a close corporation can operate without formal directors' meetings.
____27.To a corporation, bonds represent ownership.
____28.The holder of a life estate does not have the right to mortgage the property.
____29.A quitclaim deed warrants more than any other deed.
____30.When a landlord sells leased premises to a third party, any existing leases terminate automatically.
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
____31.Ann and Burt sign a contract in which Ann agrees to paint Burt's house for $2,000. They agree later
that Burt will pay Ann's supplier, City Paint Store, the $2,000 directly. City Paint Store is
a. a delegatee.
b.an assignee.
c.an incidental beneficiary.
d.an intended beneficiary.
____32.A contract between Lee and Mary may not be assigned if it
a. does not expressly permit assignment.
b.involves a sale of goods.
ANSWERS: TRUE/FALSE
1.ANS:F
2.ANS:T
3.ANS:F
4.ANS:F
5.ANS:F
6.ANS:T
7.ANS:T
8.ANS:F
9.ANS:T
10.ANS:T
11.ANS:F
12.ANS:T
13.ANS:T
14.ANS:F
15.ANS:T
16.ANS:T
17.ANS:F
18.ANS:F
19.ANS:F
20.ANS:T
21.ANS:F
22.ANS:F
23.ANS:F
24.ANS:T
25.ANS:T
26.ANS:T
27.ANS:F
28.ANS:F
29.ANS:F
30.ANS:F
MULTIPLE CHOICE
31.ANS:B
32.ANS:C
33.ANS:C
34.ANS:C
35.ANS:D
36.ANS:B
37.ANS:D
38.ANS:B
39.ANS:C
40.ANS:D
41.ANS:B
42.ANS:A
43.ANS:B
44.ANS:C
45.ANS:D
46.ANS:B
47.ANS:D
48.ANS:B
49.ANS:D
50.ANS:D
51.ANS:B
52.ANS:A
53.ANS:A
54.ANS:A
55.ANS:D
56.ANS:D
57.ANS:B
58.ANS:C
59.ANS:A
60.ANS:A
61.ANS:D
62.ANS:B
63.ANS:D
64.ANS:C
65.ANS:A