An Assignor Normally Guarantees That the Obligor Will Pay the Assigned

question 57

True/False

An assignor normally guarantees that the obligor will pay the assigned debt.

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Definitions:

Parol

Oral or verbal evidence, not recorded in writing, used to explain the terms of a contract.

Both Parties

Referring to the two entities or individuals involved in an agreement, contract, or negotiation.

Fraud in the Inducement

A deceitful practice where one party intentionally misrepresents material facts, inducing another to enter into a contract.

UCC Statute of Frauds

A legal requirement under the Uniform Commercial Code that certain contracts must be in writing to be enforceable.