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Exam 12: Transfer of Contract Rights and Duties

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Question 21

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In a contract requiring the repayment of money, the borrower is known as the

A) assignor.
B) assignee.
C) administrator.
D) obligor.

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Question 22

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One who transfers rights under a contract is

A) the assignor.
B) the assignee.
C) the obligor.
D) none of these.

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Question 23

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When a person dies, her or his rights and obligations are transferred ____________________ to an executor or administrator.

A contract is not assignable if

If a contract is required to be in writing, an assignment of that contract must also be in writing.

Hopper hired a prominent trial attorney to represent her in a lawsuit. On the day of the trial, Hopper found that she was represented by the attorney's assistant. What are Hopper's rights?

An assignment involving real property

Which statement is correct regarding the transfer of contractual rights?

Atkins sold Goldon a computer; the price was $1,200, due on March 7. Atkins assigned the debt to Fisher, to whom she (Atkins) owed $1,200. Fisher properly notified Goldon of the assignment. On March 7, Goldon notified Fisher that she could not pay the money because of financial difficulties. In this case, Fisher has a legal right to collect the $1,200 from

____________________ before notification of an assignment releases the obligor from any obligation to the assignee.

An assignment must always be in writing.

Conrad, an accountant, who performed tax services for Glenn, a small business owner, earned a $5,000 fee over a three-month period. Conrad then assigned this fee to her bank to apply toward a loan. Based on this information, which of the following statements is correct?

Is it true with the assignment of a personal right that all parties involved must agree to the transfer? If so, why?

After being notified of an assignment, the obligor must perform for the assignee.

Long executed the following legal document and gave it to George Northman: "In consideration for the $300 I owe to George Northman, I hereby transfer to George Northman a claim I have against Hall in the amount of $300. Thomas Long, March 21, 1990." Hall was properly notified of the assignment by Northman. If Hall does not pay the $300 when it is due, the debt would then be

Full performance before being notified of an assignment releases the obligor from any legal obligation to the assignee.

Glocker assigned to Baines her right to collect $500 from Palmer. Palmer, who was not notified of the assignment, paid the $500 to Glocker. Can Baines collect the $500 from Palmer?

Of the following, those that are assignable are

Why is it advisable to give notice once a valid assignment of rights has been made?

An assignment has no effect until the obligor is notified.