Don Owns Factory Machinery and the Tools to Service It

question 22

Multiple Choice

Don owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns trademarks that identify certain products, and stock in the company that sells those products. Personal property includes items owned by

• A) Don and Emily.
• B) Don only .
• C) Emily only.
• D) neither Don nor Emilio.

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Definitions:

Implied Warranties

Guarantees that are not written down or explicitly stated but are understood to exist in a transaction, providing assurance that a product or service will meet certain standards.

Assignor

The party in a contract who transfers their rights or interests to another party, known as the assignee.

Assignee

An individual or entity to whom rights or obligations are transferred from another party.

Obligor

An individual or entity legally bound to fulfill an obligation, such as paying a debt.