A Contract Between Slim and Goldie May Not Be Assigned

question 53

Multiple Choice

A contract between Slim and Goldie may not be assigned if it

• A)does not expressly permit assignment.
• B)involves a sale of goods.
• C)involves personal services.
• D)is oral.

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Definitions:

Secured Party

An entity or individual that holds an interest in a debtor's property as security for a debt or obligation, ensuring priority claim over the property if the debt is not repaid.

Proceeds

The money or benefits received from a transaction, especially after the sale of assets or completion of a financial operation.

Secured Perfected Creditor

A lender that has a legal right to take possession of the collateral if the borrower fails to fulfill the repayment obligations.

Collateral

Property or assets pledged as security for the repayment of a loan, subject to seizure on default.