Unless Language or Circumstances Indicate the Contrary, a General Assignment

question 1

Multiple Choice

Unless language or circumstances indicate the contrary, a general assignment is:

• A) a transfer of property only.
• B) both a transfer of rights and a delegation of duties.
• C) a delegation of duties only.
• D) a transfer of rights only.

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Definitions:

Partnership Agreement

A contract between business partners that outlines the terms of the partnership, including each partner's duties, profit sharing, and resolution of disputes.

Business Creditors

Entities or individuals to whom a business owes money or other financial obligations.

Personal Assets

Items of value owned by an individual, including tangible property like real estate and cars, as well as intangible assets such as investments.

Unlimited Liability

The legal responsibility of business owners to bear the full extent of their company's debts or obligations, potentially requiring them to sell personal assets to cover business debts.