#1
In contract law, what does 'assignment' refer to?
The transfer of contractual rights
ExplanationAssignment involves transferring contractual rights.
#2
What is novation in the context of contract law?
Substitution of a new party for one of the original parties
ExplanationNovation involves substituting a new party for one of the original parties in a contract.
#3
What is the main distinction between an obligor and an assignor in contract law?
An obligor is the original party to the contract, while an assignor is a third party.
ExplanationAn obligor is the original party, and an assignor is a third party in contract law.
#4
What is the effect of an assignee's notice of assignment to the obligor?
The notice is a key element in perfecting the assignment.
ExplanationNotice of assignment is crucial in perfecting the assignment in contract law.
#5
What is the significance of the term 'delegation of performance' in contract law?
It refers to the transfer of contractual duties to a third party.
ExplanationDelegation of performance involves transferring contractual duties to a third party.
#6
Which of the following is a key element in the validity of a contract assignment?
Consent of all parties involved
ExplanationConsent of all parties is crucial for the validity of a contract assignment.
#7
What is the difference between an assignment and a delegation in contract law?
An assignment involves transferring contractual rights, while a delegation involves transferring contractual duties.
ExplanationAssignment transfers rights, while delegation transfers duties in contract law.
#8
When is a delegation of duties considered inappropriate or invalid?
When the duties are personal in nature
ExplanationDelegation of duties is inappropriate when they are personal in nature.
#9
Which of the following is a potential limitation on the right to assign contractual rights?
Prohibition in the original contract
ExplanationProhibition in the original contract can limit the right to assign contractual rights.
#10
In the context of contract assignment, what is the 'anti-assignment clause'?
A clause that prohibits the assignment of contractual rights
ExplanationAn anti-assignment clause prohibits the assignment of contractual rights.
#11
Which of the following is a valid reason for a party to be unable to assign their contractual rights?
Prohibition in the original contract
ExplanationProhibition in the original contract can prevent a party from assigning their contractual rights.
#12
What happens if an assignee fails to notify the obligor of the assignment of contractual rights?
The obligor is not affected, and the assignment remains valid.
ExplanationFailure to notify the obligor does not impact the validity of the assignment.
#13
What role does consideration play in the assignment of contract rights?
It is not relevant to assignment
ExplanationConsideration is not a relevant factor in the assignment of contract rights.
#14
Under what circumstances can a third party enforce a contract?
When the original parties agree to it
ExplanationA third party can enforce a contract when the original parties agree to it.
#15
When might a court refuse to enforce an assignment of contract rights?
If the assignment is prohibited by law or public policy
ExplanationA court may refuse to enforce an assignment if it is prohibited by law or public policy.