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34. In general, contract rights may be assgned. Which of the following types of contract rights may not be assined? a. personal service contracts assignments of future rights c. contracts for the sale of goods d. A and C only e. A and B only b. 35. Smith tells Jones that he is forming a partnership to invest in a diamond mining operation in South Africa and invites Jones to invest in this lucrative business venture. Jones signs the partnership papers and invests $75,000. Unbeknownst to Jones, the diamond mine does not really exist; in fact, Smith has planned to use whatever money he receives for himself and skips town with Jones $75,000. Under what theory can Jones rescind the contract and get his money back from Smith? a. Negligence b. Duress c. Fraud in the inducement d. Unilateral mistake e. None of the above
30. Smith and Jones disagree as to the exact amount one owes the other under an existing contract. They form a new agreement that, on fulfiliment, will discharge the prior obligation. This new contract settling the prior obligation under the old agreement is called a. A covenant not to sue b. An accord c. A release d. An illusory promise e. None of the above 31. Another term for consequential damages is: a. special b. remedial c. liquidated d. nominal e. distinguishable 32. Average Joe Smith retires after 50 years of faithful service to the Widget Company. At Smiths retirement dinner, Bigwig Jones, the companys chief operating officer, states that the Widget Company will provide Smith with a stipend of $50,000, $1,000 for each year of Smiths loyal service. The widget Company later refuses to pay the following statements is true? a. The contract is enforceable because it is supported by valid consideration b. The contract is unenforceable because it is based on moral obligation. c. The contract is unenforceable because it i d. The e. None of the above $50,000 to Smith. Which of the s based on a preexisting duty. tract is unenforceable because it is based on past consideration Termination of an offer occurs a. Within 24 hours of receipt of the offer b. When the offer states it will expire c. When the acceptance states that it will expire 33. d. e. When a rejection is put in the mailbox None of the above
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