Which Statement Regarding Assignment Is Accurate

question 34

Multiple Choice

Which statement regarding assignment is accurate?

• A)Gratuitous assignments are generally revocable regardless of whether they are oral or written.
• B)An assignment for consideration is irrevocable.
• C)An assignment becomes valid when the obligor receives notice of the assignment.
• D)An assignment must be written and follow all legal formalities.

Identify the role of key parties in Chapter 7 and Chapter 11 bankruptcy proceedings.

Comprehend the concept and characteristics of purchase money security interests under the UCC.

Recognize the impact of an automatic stay on secured and unsecured creditors in Chapter 7 proceedings.

Understand the exemptions available under federal bankruptcy law.

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Definitions:

Free Enterprise

An economic system based on private ownership and the freedom of individuals to start and manage their own businesses.

Laissez-Faire Economy

An economic system in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.

Coordinating Mechanism

A system or process used to organize and harmonize different activities or parties so that they work together efficiently towards a common goal.

Laissez-Faire Economies

Economic systems in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.