Which of the Following Is True of Assignments

question 60

Multiple Choice

Which of the following is true of assignments?

• A) Early common law recognized assignments.
• B) Contract rights have always been considered transferable.
• C) Article 2 of the UCC deals with assignments of rights.
• D) The laws regarding assignment have gradually become stricter.

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Definitions:

Surety

A financial guarantee by a third party (the surety) to cover a debtor's obligations in case of default.

Rights to Collateral

Legal entitlements of a secured creditor to seize and sell the collateral if the debtor fails to fulfill the obligations of the loan or debt agreement.

Loan Due

The date by which a borrower is expected to repay the borrowed amount in full to the lender.

Rights in Bankruptcy

Legal protections and claims a debtor or creditor has during the bankruptcy process, including claims to assets and discharge of debts.