Which of the Following Is True Regarding Oral Assignments

question 66

Multiple Choice

Which of the following is true regarding oral assignments?

• A) In some cases, assignments may be made orally.
• B) Assignments, regardless of the terms, are not covered by the statute of frauds.
• C) The UCC requires that assignments be in writing when the amount being assigned is greater than $1,000.
• D) The UCC requires that assignments be in writing when the amount being assigned in greater than $1,500.
• E) The UCC requires that assignments be in writing when the amount being assigned is greater than $2,000.

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Definitions:

Cutoff Hour

The specific time by which a certain action must be completed, often used in banking and other time-sensitive environments.

Handling Checks

Refers to the process involved in managing and processing checks, including endorsement, presentation for payment, and settlement.

Business Day

A day on which commercial banks are open for business, typically excluding weekends and public holidays.

Deposited

The act of placing money or another form of value into an account or repository.