Phillip Assigns His Rights Under a Contract with Maria to His

question 42

Multiple Choice

Phillip assigns his rights under a contract with Maria to his college roommate,John. Neither Phillip nor John notifies Maria of the assignment. The assignment

• A)will not be effective until notice is given to Maria.
• B)will become effective after thirty days even if no notice is given to Maria.
• C)is immediately effective.
• D)can be circumvented.

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Definitions:

Product Markets

Markets where final goods or services are bought and sold, as opposed to factor markets where raw materials, labor, and capital are traded.

Entrepreneur

A person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business.

Monopolist

An individual or entity that holds exclusive control over the supply of a particular good or service, potentially manipulating market conditions.

Consuming Units

Entities, typically individuals or households, that use goods and services for personal needs or wants.