Assignors who are paid for making an assignment are potentially liable to assignees for certain implied guarantees. These guarantees are imposed by law unless the assignment agreement clearly indicates to the contrary. What are these implied guarantees?
What will be an ideal response?
The implied guarantees are as follows:
1. The assigned claim is valid, which means that:
a. The promisor has capacity to contract.
b. The contract is not illegal.
c. The contract is not voidable for any other reason known to the assignor (such as fraud or misrepresentation).
d. The contract has not been discharged prior to assignment.
2. The assignor has good title to the rights assigned.
3. The assignor will not do anything to impair the value of the assignment.
4. Any written instrument representing the assigned claim is genuine.
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What will be an ideal response?