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Multiple Choice Quiz
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1
A person, not a party to the contract, who stands to receive the benefit of performance of the contract is known as the privity.
A)True
B)False
2
Having the knowledge and desire that a specific consequence will result from an action is known as intent.
A)True
B)False
3
A person having no present right to receive the benefit of the performance when it becomes due is known as vested.
A)True
B)False
4
The original party the contract who remains obligated to perform under the contract is called the delegate.
A)True
B)False
5
At the time the beneficiary learns of the agreement, his rights in the contract become:
A)vested.
B)assertions.
C)assignments.
D)obligations.
6
In a third-party contract, who can sue for its enforcement?
A)A party to the transaction, but not a third party
B)The third party, though not a party to the transaction
C)The third party and a party to the transaction
D)No party
7
Parties are said to be in ______________ if they are involved in the actual making of the contract with enforceable rights.
A)assignment
B)delegation
C)privity
D)intent
8
In order to be considered valid third-party beneficiaries, the contract:
A)must have named them in the formative stage.
B)must have named them in the final stage.
C)must not have named them in the formative stage.
D)must not have mentioned them.
9
The two essential categories of third-party beneficiaries are __________________ and ______________________.
A)assignees and assignors
B)delegates and assignees
C)promisors and donees
D)creditors and donees
10
If an original contract party who is obligated to perform is changed, the substitution is considered a/an _______________________.
A)assignment
B)assertion of defense
C)delegation
D)intent





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