Ben and Ivy Enter into a Contract Under Which Ben

question 25

Multiple Choice

Ben and Ivy enter into a contract under which Ben agrees to cater Ivy's wedding in exchange for a cash down payment. The contract expressly prohibits any transfer of rights. A contract right may be transferred, however, if the transfer involves

• A) ​a right to receive payment.
• B) ​a right to Ben's services.
• C) ​rights under Ivy's insurance policy against Ben's failing to perform.
• D) ​a right whose transfer is otherwise expressly prohibited by statute.

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Definitions:

Competitive Advantage

An advantage that allows a business to generate greater sales or margins compared to its market competitors, often through unique resources, capabilities, or efficiencies.

Intangible Assets

Intangible assets are non-physical but valuable assets such as intellectual property, brand recognition, and patents, which contribute to a company's value.

Physical Substance

The material or tangible component of an asset, as opposed to intangible assets like patents or copyrights.

Trade-In Allowance

The amount credited to the buyer by the seller for a product being traded in towards the purchase of a new product.