If Randall and Gale Agree to an Assignment of Randall's

question 39

Multiple Choice

If Randall and Gale agree to an assignment of Randall's contract with Doug:

• A) there is no ambiguity; this is an assignment of rights only.
• B) there is no ambiguity; this is a delegation of duties only.
• C) under both the Code and the Restatement, unless circumstances or language indicate the contrary, an assignment of "the contract" means the assignment of rights and a delegation of duties.
• D) the language is ambiguous and, therefore, the assignment is unenforceable.

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Definitions:

Current Liabilities

Obligations or debts that a company must pay within one year or within its operating cycle if longer.

Gross Margin Ratio

A financial ratio that measures a company's financial health, calculated by subtracting the cost of goods sold from net sales and dividing by net sales.

Sales Revenue

The total amount of money received by a company from sales of goods or services before any expenses are subtracted.

Cost of Goods Sold

Expenses specifically related to producing the merchandise a company markets.