Long Executed the Following Legal Document and Gave It to George

question 21

Multiple Choice

Long executed the following legal document and gave it to George Northman: "In consideration for the $300 I owe to George Northman, I hereby transfer to George Northman a claim I have against Hall in the amount of $300. Thomas Long, March 21, 1990." Hall was properly notified of the assignment by Northman. If Hall does not pay the $300 when it is due, the debt would then be

• A) discharged.
• B) collectible from Northman.
• C) collectible from Long.
• D) excused after two years had elapsed.

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Definitions:

Tariff

Tax on an imported good.

International Trade

The exchange of goods, services, and capital across international borders or territories, influencing global economic activity.

Sugar

A sweet-tasting crystalline substance obtained from various plants, primarily sugar cane and sugar beet, used as a sweetener in food and drink.

Producer Surplus

The difference between the actual price a producer receives for a product and the minimum price they would accept.