Duties Under a Contract

question 53

Multiple Choice

Duties under a contract:

• A) are freely assignable under all circumstances
• B) can be delegated,but only if there is a signed writing
• C) may be delegated without assigning rights
• D) may be delegated only if there is a corresponding assignment of rights

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Definitions:

Forgiveness Of Loan Repayment

A situation where a lender decides not to require the borrower to repay some or all of an outstanding loan, potentially resulting in taxable income for the borrower.

Income

Income refers to the money received by a person or organization for work, from investments, or from various other sources.

Borrower

An individual, organization, or entity that receives funds from another under the condition of returning the funds, typically with interest, over a period of time.

Schedule B

A form used with the IRS tax return to report interest and ordinary dividend income.