The transfer of contractual rights to a third party is known as a(n) obligor delegator obligee assignment In a contract, the person to whom a duty, or obligation, is owed is the assignment obligor delegator obligee In a contract, the person who is obligated to perform a duty is the assignment obligee delegation obligor Consumer takes out a loan with Wells Fargo Bank Wells Fargo Bank later assigns its rights to the contract to Bank of America Wells Fargo is the assignee novation delegation assignor Which of the following contractual rights cannot be assigned Right to receive payment under business loan contracts Personal services Right to receive payment under consumer loan contracts The transfer of contractual duties to a third party is called a(n) novation delegation assignment obligee In a contract, the party delegating the duties is the delegatee obligee delegator assignee In a contract, the party to whom the duties are delegated is the delegatee delegator assignee novation Consumer buys a large TV from Best Buy Best Buy delegates the duty to deliver the TV to Consumer to Joe's Moving Company Joe's Moving Company is the delegator assignee delegatee novation Jane buys life insurance from Life Insurance Company On the policy, Jane names her son Joe as the beneficiary to receive money from the policy if she dies Joe is a(n) novation delegator incidental beneficiary intended beneficiary Sue hires painter Paul to paint her house Paul does a terrible job, and the house looks worse than before he painted Sue's neighbor Joyce wants to file a lawsuit against Paul Is Joyce likely to be successful if she files such a lawsuit Yes, because she is an intended beneficiary of the contract between Sue and Paul Only if Paul delegated his duty to paint to someone else No, because she is an incidental beneficiary of the contract between Sue and Paul An event that has a triggering effect on the contractual obligations is a discharge recission condition delegation True or False In a contract, when the time or deadline to perform is expressly stated to be of the essence or vital, the parties normally must perform within the stated time period because the time element becomes a condition of the contract False True In contract law, an unconditional offer to perform by a person who is ready, willing, and able to do so is called delegate condition tender novation When a party performs a contract exactly, perfectly as agree, this is called complete performance breach of contract novation substantial performance The nonperformance of a contractual duty is a(n) assignment condition delegation breach of contract Before either party to a contract has a duty to perform, one of the parties may refuse to carry out his her contractual obligations This is called novation anticipatory repudiation assignment a condition The process by which a contract is canceled or terminated and the parties are returned to the positions they occupied prior to forming the contract is called assignment anticipatory repudiation novation rescission A occurs when both of the parties to a contract agree to substitute a third party for one of the original parties rescission condition novation assignment When one of the parties to a personal contract dies or becomes incapacitated prior to performance, this qualifies as grounds for the discharge of contractual obligations based on rescission bankruptcy novation impossibility of performance Contractor signs a contract with Homeowner to build a new, two story house Before Contractor starts work, the City where the house is supposed to be built passes an ordinance that prohibits construction of any new, two story houses If Contractor does not start work and build the two story house, is Contractor in breach of the contract with Homeowner No, unless Homeowner has died No, because the change in the law makes Contractor's performance illegal Yes, Contractor must start work immediately before he can be arrested No, because Contractor is still capable of building the house If performance of a contract becomes significantly more difficult or costly, and this was not foreseeable by the parties when the contract was made, performance of the contract may be excused based on statute of limitations illegality novation commercial impracticability Damages that compensate the nonbreaching party for the loss of the bargain are known as compensatory damages punitive damages nominal damages consequential damages Sam and Tom signed a contract with Party Company to rent tables, chairs, etc for their wedding reception The contract price was $15, 000, to be paid when the goods were delivered for the reception The week before the reception, Party Company called Sam and Tom to say they would not be able to provide the tables, chairs, etc for the reception Sam and Tom found another company, Hooray Productions, to rent the goods The price for this contract was $20,000 In a breach of contract lawsuit, what would Party Company likely owe Sam and Tom in compensatory damages $5,000 $15,000 $20,000 $0 Foreseeable damages that result from a party's breach of contract are called profit damages consequential damages nominal damages punitive damages

Question

The transfer of contractual rights to a third party is known as a(n)  obligor delegator obligee assignment In a contract, the person to whom a duty, or obligation, is owed is the assignment obligor delegator obligee In a contract, the person who is obligated to perform a duty is the assignment obligee delegation obligor Consumer takes out a loan with Wells Fargo Bank  Wells Fargo Bank later assigns its rights to the contract to Bank of America  Wells Fargo is the assignee novation delegation assignor Which of the following contractual rights cannot be assigned  Right to receive payment under business loan contracts Personal services Right to receive payment under consumer loan contracts The transfer of contractual duties to a third party is called a(n)  novation delegation assignment obligee In a contract, the party delegating the duties is the delegatee obligee delegator assignee In a contract, the party to whom the duties are delegated is the delegatee delegator assignee novation Consumer buys a large TV from Best Buy  Best Buy delegates the duty to deliver the TV to Consumer to Joe's Moving Company  Joe's Moving Company is the delegator assignee delegatee novation Jane buys life insurance from Life Insurance Company  On the policy, Jane names her son Joe as the beneficiary to receive money from the policy if she dies  Joe is a(n)  novation delegator incidental beneficiary intended beneficiary Sue hires painter Paul to paint her house  Paul does a terrible job, and the house looks worse than before he painted  Sue's neighbor Joyce wants to file a lawsuit against Paul  Is Joyce likely to be successful if she files such a lawsuit  Yes, because she is an intended beneficiary of the contract between Sue and Paul Only if Paul delegated his duty to paint to someone else No, because she is an incidental beneficiary of the contract between Sue and Paul An event that has a triggering effect on the contractual obligations is a                  discharge recission condition delegation True or False  In a contract, when the time or deadline to perform is expressly stated to be  of the essence  or vital, the parties normally must perform within the stated time period because the time element becomes a condition of the contract  False True In contract law, an unconditional offer to perform by a person who is ready, willing, and able to do so is called  delegate condition tender novation When a party performs a contract exactly, perfectly as agree, this is called  complete performance breach of contract novation substantial performance The nonperformance of a contractual duty is a(n) assignment condition delegation breach of contract Before either party to a contract has a duty to perform, one of the parties may refuse to carry out his her contractual obligations  This is called novation anticipatory repudiation assignment a condition The process by which a contract is canceled or terminated and the parties are returned to the positions they occupied prior to forming the contract is called assignment anticipatory repudiation novation rescission A                       occurs when both of the parties to a contract agree to substitute a third party for one of the original parties  rescission condition novation assignment When one of the parties to a personal contract dies or becomes incapacitated prior to performance, this qualifies as grounds for the discharge of contractual obligations based on rescission bankruptcy novation impossibility of performance Contractor signs a contract with Homeowner to build a new, two story house  Before Contractor starts work, the City where the house is supposed to be built passes an ordinance that prohibits construction of any new, two story houses  If Contractor does not start work and build the two story house, is Contractor in breach of the contract with Homeowner  No, unless Homeowner has died  No, because the change in the law makes Contractor's performance illegal  Yes, Contractor must start work immediately before he can be arrested  No, because Contractor is still capable of building the house  If performance of a contract becomes significantly more difficult or costly, and this was not foreseeable by the parties when the contract was made, performance of the contract may be excused based on statute of limitations illegality novation commercial impracticability Damages that compensate the nonbreaching party for the loss of the bargain are known as compensatory damages punitive damages nominal damages consequential damages Sam and Tom signed a contract with Party Company to rent tables, chairs, etc  for their wedding reception  The contract price was $15, 000, to be paid when the goods were delivered for the reception  The week before the reception, Party Company called Sam and Tom to say they would not be able to provide the tables, chairs, etc  for the reception  Sam and Tom found another company, Hooray Productions, to rent the goods  The price for this contract was $20,000  In a breach of contract lawsuit, what would Party Company likely owe Sam and Tom in compensatory damages  $5,000 $15,000 $20,000 $0 Foreseeable damages that result from a party's breach of contract are called  profit damages consequential damages nominal damages punitive damages

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The transfer of contractual rights to a third party is known as a(n): obligor delegator obligee assignment

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Introduction to Operations Research

The transfer of contractual rights to a third party is known as a(n): obligor delegator obligee assignment

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Introduction to Operations Research

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