1.Which of the following types of contracts are not assignable:

A.Contract to receive money each month

B.Contract to supply fungible goods

C.Contract to supply wheat

D.Contract for life insurance

2.John and Jane contract for Jane to deliver 10,000 Grade A widgets to John for $10,000. John executes a promissory note to Jane for $10,000.Jane then transfers the note to ABC Bank.

ABC Bank is the:

A.Obligor

B.Assignor

C.Assignee

D.Gurantor

3.Which of the following third parties would have no right to collect under the terms of contract?

A.Donee beneficiary

B.Creditor beneficiary

C.Incidental beneficiary

D.Assignee

4.Jimmy who is 16 purchases a car from ABC motors and makes payments on the car. ABC does not check his ID although Jimmy has a valid driver's license. After he turns 18, he continues to drive the car and make payments on it. When he is 20, he totals the car. He now wants to void the contract. Which of the following is the most likely outcome?

A.He will be able to void the contract because ABC did not check his ID and he was a minor when he purchased the car

B.He will be able to void the contract because of undue influence

C.He will not be able to void the contract because he ratified it when he turned 18

D.He will not be able to void the contract because a 16 year old can legally drive a car

5.John is 14 years old and is given $50 by his mother to buy a pair of shoes. Instead, he goes to a restaurant and orders a big meal. In a later action by John to void the meal at the restaurant, the best defense that the restaurant can raise is:

A.John contracted for the food and has to pay for it like any other customer

B.John is responsible for the contract because it was a contract for necessities

C.John ratified the agreement when he consumed the food

D.There is no defense that can be raised by the restaurant