In General,most Contracts - Including Real Estate Contract - Can

question 10

Multiple Choice

In general,most contracts - including real estate contract - can be assigned.All of the following statements regarding assignment are true EXCEPT:

• A)Any type of personal performance contracted by one party cannot be assigned without that party's permission.
• B)Land contracts are not assignable without the owner's permission.
• C)If buyer's of real estate assign the contract,the new buyers may pay the agreed upon price and obtain title to the property.
• D)When buyers assign their rights to someone else,they escape liability under the original contract.

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Definitions:

Flexible Budget

A budget that adjusts or changes according to the level of activity or volume of production in an organization.

Budgeting

The process of creating a plan to spend your money, outlining future financial goals and strategies for achieving them.

Activity Variance

The difference between the budgeted amount of activity and the actual amount, often analyzed in budgeting and variance analysis to manage costs.

Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.