Asked by
Pradeep kumar
on Nov 27, 2024
Verified
Once the obligor receives proper notice, only performance to the assignee can discharge the obligor's obligation.
Obligor
An obligor, in a financial context, refers to the party who is legally bound, or obligated, to make a payment or fulfill a contract term to another party, the obligee.
Assignee
The person to whom contract rights are assigned.
Proper Notice
Adequate information or warning provided in advance, as required by law or agreement, to enable appropriate response or action.
- Comprehend the effects that an assignment or delegation exerts on individuals like obligors, assignees, and delegators.
- Fathom the repercussions of reallocating duties or privileges on the essential contracts of the initial parties.
Verified Answer
JS
Learning Objectives
- Comprehend the effects that an assignment or delegation exerts on individuals like obligors, assignees, and delegators.
- Fathom the repercussions of reallocating duties or privileges on the essential contracts of the initial parties.