If Velma,as a Birthday Present,assigns to Jim Her Contractual Right

question 15

True/False

If Velma,as a birthday present,assigns to Jim her contractual right to collect $50 from Wood Co. ,this would be a gratuitous assignment.

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Definitions:

Interest Generated

Refers to the amount of money earned on savings or investments over time, usually through interest rates applied to principal amounts.

Ascertain

To find out or learn with certainty, typically used in the context of gathering information or clarity about a situation or condition.

Sound Mind

A legal term referring to an individual's mental capability to understand and appreciate the consequences of their actions and to make, understand, and execute legal decisions.

Witness

An individual who gives testimony or is called to testify in court because they have knowledge relevant to the case being tried.