Which of the Following Is True of an Attempt to Assign

question 67

Multiple Choice

Which of the following is true of an attempt to assign the rights to payment?

• A) The rights to payment can never be assigned.
• B) The rights to payment can always be assigned.
• C) The rights to payment can only be assigned if a contract is personal in nature.
• D) The rights to payment can never be assigned if a contract is personal in nature.
• E) The rights to payments can only be assigned if a contract is created under the statute of frauds.

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Definitions:

GIC

Guaranteed Investment Certificate; a Canadian investment that offers a guaranteed rate of return over a fixed period.

Maturity Value

The amount payable to an investor at the end of a fixed term investment, including principal and interest.

Monthly Compounded

A reiteration indicating that the interest accrues on a monthly basis, thereby increasing the investment or loan amount through compounding.

Promissory Note

A written and signed promise to pay a specified sum of money to a particular person or bearer on a specified date.