Brandon Orally Assigned His Right to $100 from a Lawn

question 33

Multiple Choice

Brandon orally assigned his right to $100 from a lawn mowing contract to Will as a gift.This assignment is

• A)not valid because it was not in writing.
• B)valid even though it was oral and there was no consideration from Will.
• C)irrevocable once Brandon has told Will about the gift.
• D)not valid because Will gave no consideration for the assignment.

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Definitions:

Budget Line

A visual diagram showing every pairing of two items that a person can purchase within their budget constraints, based on their earning and the cost of these products.

Consumption Bundles

These are combinations of different goods and services that an individual consumes, representing a mix of choices according to their preferences and budget.

Income

Earnings received by individuals or entities, typically in the form of wages, salaries, rents, interest, or profits, available for spending or saving.

Substitution Effect

The shift in buying habits caused by a change in the relative costs of products, prompting consumers to substitute pricier options with more affordable ones.