Once an Assignment Occurs,the Assignee Acquires

question 30

Multiple Choice

Once an assignment occurs,the assignee acquires:

• A)greater obligations to fulfill the contract.
• B)greater rights than the assignor.
• C)same rights as the assignor had prior to assignment.
• D)no rights at all.

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Definitions:

Terminate Credit Plan

The process of ending a credit agreement, closing the account, and settling any outstanding debts.

Home Equity Loan

A type of loan in which the borrower uses the equity of their home as collateral.

Material Misrepresentations

False statements or omissions of facts that are significant enough to influence an individual's decision to enter into a contract or transaction.

Truth In Lending Act

A United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs.