302 NC POST LICENSING EXAM CONTRACTS<\/p>\n\n\n\n
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) impossibility of performance
B) operation of law
C) each party to the contract releases the other from contractual duties
D) ovation – ANSWER- D) ovation
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Novation
B) Pur Autre Vie
C) Proration
D) Lateral Support – ANSWER- A) Novation (the substitution of a new
contract in place of an old one)<\/p>\n\n\n\n
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) RESPA
B) Subsequent Modification
C) Reservation
D) Prima Facie – ANSWER- B) Subsequent modification
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Preemptive Right
B) Non Recourse Note
C) Accord & Satisfaction
D) CERCLA – ANSWER- C) Accord & Satisfaction
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Affidavit
B) Non Recourse Note
C) Cartway Proceeding
D) Cancellation – ANSWER- D) Cancellation<\/p>\n\n\n\n
NC 302 Postlicensing Contracts & Closings
What is the person to whom an agreement or contract is assigned?
A) Assignee
B) Assignor
C) Assignar
D) Assignment – ANSWER- A) Assignee
NC 302 Postlicensing Contracts & Closings
One who makes an assignment
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment – ANSWER- C) Assignor
NC 302 Postlicensing Contracts & Closings
The method or manner by which a right or a contract is transferred from
one person to another.
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment – ANSWER- D) Assignment<\/p>\n\n\n\n
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Generally assignable unless contract prohibits
D) Assignment is auditable – ANSWER- C) Generally assignable unless
contract prohibits
NC 302 Postlicensing Contracts & Closings
What is the BEST answer?
In Contract Assignments, there are:
A) Assignors & Assignees
B) Trustors & Trustees
C) Payors & Payees
D) Mortgagor & Mortgagee – ANSWER- A) Assignors & Assignees
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignor remains secondarily liable
C) Assignor in contract prohibits
D) Assignee remains secondarily liable – ANSWER- B) Assignor
remains secondarily liable<\/p>\n\n\n\n