1.Jeff and Rose enter into an agreement where Jeff will loan Rose $10,000. Jeff then assigns his rights to Gregory. Rose is then obligated to Gregory to repay the loan.

True

False

2.An equitable remedy is money damages.

True

False

3.The judge enacts law and the legislature interprets it.

True

False

4.Assignment is the transfer of contractual rights to a third party.

True

False

5.Jurisprudence is the study of law.

True

False

6.A promisor cannot revoke a contract at any time.

True

False

7.Nicole entered into an oral agreement with Rosalie to buy Rosalie's couch for $450. This is an enforceable contract.

True

False

8.A remedy is the relief provided to the innocent party when one party has breached the contract.

True

False

9.A restaurant orders 500 pounds of cheese to be delivered on Thursday. Payment is due at the time of delivery. That is a bilateral contract.

True

False

10

Kevin and ABC Life Insurance Co enter into a contract to insure Kevin's life. He names Monica as a beneficiary under the policy. When Kevin dies Monica is entitled to collect on the value of the policy because she is the intended third party beneficiary.

True

False

11.A unilateral contact is a promise for an act.

True

False

12.A married woman takes out a life insurance policy on her husband's life and then kills him. She can collect on the policy because she has a contract with the insurance company to insure his life.

True

False

13.When an interest rate on a loan is so high it is considered usury the courts will question it.

True

False

14.A major source of law is the US Constitution.

True

False