Question

The substitution for an old contract with a new one that either replaces an existing obligation with a new obligation or replaces an original party with a new party is known as a(n) _____________________.

third-party beneficiary

delegation of duties

cause of action

claim

assignment

novation Question 37 Clark purchased a life insurance policy on himself and made his son, Russ, the beneficiary. Unfortunately, while Clark was taking a vacation with his wife, he was involved in a car accident and passed away. Russ did not find Clark's insurance policy until six months after Clark's death. Russ immediately contacted the insurance company to claim the money. The insurance company refused to pay him, claiming that he failed to notify it of Clark's death within three months of his death as required by the policy. Russ claimed that he was not bound to the time limitations because even though he knew his dad had insurance, he did not agree to that limitation and was not a party to the contract. The insurance company is a(n) __________________________. assignor incidental beneficiary delegatee assignee intended creditor beneficiary delegator intended donee beneficiary promisor

Question 39 Pablo agreed to paint Juan's house for $1,000. Two days before Pablo was scheduled to paint the house, he broke a leg and would not be able to climb the ladder. He contracted Salvador to paint the house. When Salvador went to paint the house it started to storm. He could not paint if until the next day. Determine if the following statement is true or false. Salvador will need to perform on the contract once the rain stops.       [ Choose ]            True            False       Pablo is the delegatee.       [ Choose ]            True            False       Pablo may not delegate the painting because it involves a personal skill.       [ Choose ]            True            False       The contract is disharged because of impossibility Question 33 Clark purchased a life insurance policy on himself and made his son, Russ, the beneficiary. Unfortunately, while Clark was taking a vacation with his wife, he was involved in a car accident and passed away. Russ did not find Clark's insurance policy until six months after Clark's death. Russ immediately contacted the insurance company to claim the money. The insurance company refused to pay him, claiming that he failed to notify it of Clark's death within three months of his death as required by the policy. Russ claimed that he was not bound to the time limitations because even though he knew his dad had insurance, he did not agree to that limitation and was not a party to the contract. Clark is a(n) ______________________. assignee intended creditor beneficiary promisor intended donee beneficiary promisee delegatee assignor incidental beneficiary Question 32 Shelley assigned Frankie her rights to payment and was given consideration for that assignment. Shelley gave an implied warranty that the assignment was valid. True False Question 31 Mona Lisa commissioned Leonardo to paint her portrait for $3,000. The day before Leonardo was to paint her portrait, he came down with a sickness. He contacted his good friend, Michelangelo, to paint the portrait. Michelangelo is a(n)_____________________________. intended beneficiary incidential beneficiary delegator assignor delegatee assignee

Answer 1

The substitution for an old contract with a new one that either replaces an existing obligation with a new obligation or replaces an original party with a new party is known as a(n)

Novation

Clark purchased a life insurance policy on himself and made his son, Russ, the beneficiary. Unfortunately, while Clark was taking a vacation with his wife, he was involved in a car accident and passed away. Russ did not find Clark's insurance policy until six months after Clark's death. Russ immediately contacted the insurance company to claim the money. The insurance company refused to pay him, claiming that he failed to notify it of Clark's death within three months of his death as required by the policy. Russ claimed that he was not bound to the time limitations because even though he knew his dad had insurance, he did not agree to that limitation and was not a party to the contract.

The insurance company is a(n)

Promisor

Pablo agreed to paint Juan's house for $1,000. Two days before Pablo was scheduled to paint the house, he broke a leg and would not be able to climb the ladder. He contracted Salvador to paint the house. When Salvador went to paint the house it started to storm. He could not paint if until the next day.

Salvador will need to perform on the contract once the rain stops. True

Pablo is the delegate. False

Pablo may not delegate the painting because it involves a personal skill. False

The contract is discharged because of impossibility. False

Clark purchased a life insurance policy on himself and made his son, Russ, the beneficiary. Unfortunately, while Clark was taking a vacation with his wife, he was involved in a car accident and passed away. Russ did not find Clark's insurance policy until six months after Clark's death. Russ immediately contacted the insurance company to claim the money. The insurance company refused to pay him, claiming that he failed to notify it of Clark's death within three months of his death as required by the policy. Russ claimed that he was not bound to the time limitations because even though he knew his dad had insurance, he did not agree to that limitation and was not a party to the contract.

Clark is a(n)

Intended donee beneficiary

Shelley assigned Frankie her rights to payment and was given consideration for that assignment. Shelley gave an implied warranty that the assignment was valid.

True

Mona Lisa commissioned Leonardo to paint her portrait for $3,000. The day before Leonardo was to paint her portrait, he came down with a sickness. He contacted his good friend, Michelangelo, to paint the portrait.

Michelangelo is a(n)

Delegatee