141 an assignee of a right to receive money acquires

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Financial Accounting: The Impact on Decision Makers
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Chapter 9 / Exercise 9-3
Financial Accounting: The Impact on Decision Makers
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____ 141. An assignee of a right to receive money acquires any rights to the money held by the assignor. ____ 142. An obligor with notice of an assignment can be compelled by the assignee to perform. ____ 143. A party to a contract may transfer the rights arising from the contract to another. ____ 144. Retail businesses can assign their accounts receivables to financing companies in exchange for cash to finance future purchases of inventory. ____ 145. The rights under a contract for personal service normally cannot be assigned. ____ 146. The fact that a contract contains a clause prohibiting its assignment ordinarily will prevent it from being assigned. ____ 147. Most states follow the rule that a prior assignment will usually prevail against subsequent assignments. ____ 148. In the absence of any language preventing an assignment, a party may delegate freely his or her duties under a contract. ____ 149. A delegation relieves the party making it of the obligation to perform even if the party to whom the duty is delegated fails to perform.
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Financial Accounting: The Impact on Decision Makers
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Chapter 9 / Exercise 9-3
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified
____ 150. The inclusion of a phrase in a contract permitting "the assignment of all rights" will not, by itself, be presumed by most courts to include a delegation of all duties. ____ 151. Third parties have no rights to contracts to which they are not a party, even if the contracting parties made the contract with the intent to benefit a third party. ____ 152. A creditor beneficiary is entitled to sue the promisor directly to enforce his or her promise. ____ 153. The terms "creditor beneficiary" and "donee beneficiary" are synonymous with the terms "intended beneficiary" and "incidental beneficiary," respectively. ____ 154. A donee beneficiary is never entitled to enforce the promise of a promisor. ____ 155. A creditor beneficiary has the power to sue the promisee if the contract is breached. ____ 156. The vesting of contractual rights in a third party will not prevent the original parties to the contract from modifying the contract as long as the contract expressly reserves their right to do so. ____ 157. If a contract expressly reserves to the contracting parties the right to cancel, rescind, or modify the contract, then the rights of the third party beneficiary are subject to any changes made by the contracting parties. ____ 158. The fact that a contract does not require that performance be rendered directly to a third party will make it very likely that the third party will be considered an intended beneficiary. ____ 159. If a contract benefits a third party beneficiary incidentally, then the third party will have the power to enforce the contract. ____ 160. Most contracts are discharged by operation of law. ____ 161. A promise to perform subject to being able to obtain financing is an example of a condition precedent. ____ 162. A promise to pay in exchange for a promise of performance becomes an absolute duty when the agreement is formed. ____ 163. Complete performance occurs when conditions in a contract fully occur in all aspects.

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