Give an example of an assignment of rights and explain the relationship of the parties
An assignment of rights is the voluntary transfer to a third party of the rights arising from a contract. Ann promises to sell Bart an automobile for which Bart promises to pay $10,000 in monthly installments over the next three years. Ann's right under the contract is to receive payment from Bart, whereas Ann's duty is to deliver the automobile. Bart's right is to receive the automobile; his duty is to pay for it. If Ann were to transfer her right under the contract (the installment payments due from Bart) to Clark for $8,500 in cash, this would constitute a valid assignment of rights. In this case, Ann would be the assignor, Clark would be the assignee, and Bart would be the obligor. After the assignment, Bart would be obligated to make payments to Clark instead of Ann.
You might also like to view...
The officers of the corporation generally manage the business and are responsible to the board of directors
a. True b. False Indicate whether the statement is true or false
Describe the direct selling channel along with pros and cons of the direct selling model.
What will be an ideal response?
In organizational structure, ______ refers to how many layers there are in the organization from the top to the bottom.
A. horizontal differentiation B. complexity C. vertical differentiation D. spatial differentiation
Answer the following statements true (T) or false (F)
The International Accounting Standards Board’s role in establishing standards has decreased significantly since 2002.