Simone Assigned Her Rights Under a Contract to Juan

question 19

Multiple Choice

Simone assigned her rights under a contract to Juan.Forgetting that she took this action,she later assigned her rights under the contract to Kai.Kai provided notice to the obligor of the assignment right away,but Juan never provided notice.The state gives Kai the rights.Which rule did the state apply?

• A)The American rule
• B)The French rule
• C)The first-assignment-in-time rule
• D)The last-assignment-in-time rule
• E)The English rule

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Definitions:

Common Stock

A type of security that represents ownership in a corporation, giving holders voting rights and entitlement to dividends.

Earnings Per Share

A company's net profit divided by the number of its outstanding shares, indicating the profitability on a per-share basis.

Par

This refers to the face value of a bond or stock as stated by the issuing company.

Net Income

After all costs and taxes are removed from revenues, the company's residual profit.