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CHAPTER 15 self test - CHAPTER 15 T/F SELF TEST True/False...

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CHAPTER 15 T/F SELF TEST True/False Indicate whether the sentence or statement is true or false. T 1. An assignee of a right to receive money acquires any rights to the money held by the assignor. ANSWER: T 2. An obligor with notice of an assignment can be compelled by the assignee to perform. ANSWER: T 3. A party to a contract may transfer the rights arising from the contract to another. ANSWER: T 4. Privity of contract refers to the fact that only the actual parties to a contract should have rights and liabilities under the contract. T NOTES: REF: p. 287 T NOTES: REF: p. 287 T NOTES: REF: p. 287
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ANSWER: T 5. A third party beneficiary contract is formed when the parties to a contract intend to confer a benefit on a third party. ANSWER: T 6. An unconditional assignment of rights in a contract will extinguish the rights of the assignor. ANSWER: T 7. Banks may assign their loan contracts to other firms. ANSWER: T 8. A retail business can assign its right to receive payment from customers to a financing company for cash. ANSWER: T NOTES: REF: p. 287 T NOTES: REF: p. 287 T NOTES: REF: p. 287 T NOTES: REF: p. 288 T NOTES: REF: p. 288
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T 9.
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