The Law Governing Assignments Arises Solely from the Common Law

question 49

True/False

The law governing assignments arises solely from the common law of contracts.

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Definitions:

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Merger Clause

A contract provision that states the written contract represents the complete and final agreement between the parties, superseding all prior negotiations.

Parol Evidence Rule

A legal principle that prevents parties in a contract dispute from presenting evidence of prior or contemporaneous oral agreements that would contradict the written terms of the contract.

Writing Requirement

A legal principle that certain agreements or contracts must be in writing to be legally binding, especially relevant in real estate transactions and contracts that cannot be performed within one year.