Which of the Following Is True Regarding Oral Assignments

question 51

Multiple Choice

Which of the following is true regarding oral assignments?

• A)The UCC requires that assignments be in writing when the amount being assigned is greater than $2,000.
• B)The UCC requires that assignments be in writing when the amount being assigned in greater than $1,500.
• C)In some cases,assignments may be made orally.
• D)Assignments,regardless of the terms,are not covered by the statute of frauds.
• E)The UCC requires that assignments be in writing when the amount being assigned is greater than $1,000.

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Definitions:

Gratuitous Agency

An arrangement where an agent acts on behalf of a principal without receiving any compensation for the services rendered.

Formed By Contract

Established or created as a result of a legal agreement between parties.

Actual Authority

Actual authority is the express or implied legal power given to an agent by the principal to act on their behalf.

Individual Agent's Death

The termination of an agency relationship caused by the death of the agent, affecting contractual and legal obligations.