A Contract That Is Personal or Nonassignable Cannot Be Classified

question 37

True/False

A contract that is personal or nonassignable cannot be classified as commercial paper.

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Definitions:

Franchisee

An individual or company that is granted the right to do business under the franchisor's brand and system in exchange for a fee.

Salaried Manager

An employee who receives a fixed amount of compensation from an employer, typically on a monthly or yearly basis, regardless of the number of hours worked.

Risk

The exposure to the possibility of loss or damage as a result of a given action, decision, or event.

Franchisee

An individual or company that acquires the rights from a franchisor to operate a business under the franchisor's brand and system.