Beta Corporation and Code Inc

question 53

Multiple Choice

Beta Corporation and Code Inc. enter into a contract for the design of custom software for which Beta agrees to pay $5,000. Code transfers the right to payment under the contract to Debits LLC. Debits is

• A) an obligor .
• B) an assignee.
• C) a third-party beneficiary.
• D) a delegatee.

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Definitions:

More Affluent

Having a greater amount of wealth or resources; typically used to describe individuals or areas with a higher economic status.

Downward Mobility

The phenomenon where individuals or groups experience a decline in their socioeconomic status.

Federal Poverty Line

Federal index that defines “official” poverty in the United States based on household income; updated annually.

Official Poverty

A governmentally determined poverty threshold that indicates the minimum level of income required to meet basic needs.