Jim's Contract with Frank Obligated Jim to Pay Frank $10,000

question 5

Multiple Choice

Jim's contract with Frank obligated Jim to pay Frank $10,000.Frank properly assigns the contract to Abel.At that time,Abel notifies Jim about the assignment.Jim,however,forgets and pays the $10,000 to Frank.By this time,Abel is screaming for his money.However,by then,Frank goes into bankruptcy.In this case:

• A)Jim is liable to Abel for $10,000.
• B)Abel is out of luck because Jim performed his obligation by paying Frank.
• C)Jim is liable to Abel not for the $10,000,but for his breach of the implied warranty that the assignor is solvent.
• D)Abel is out of luck because his notification was oral rather than written.

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Definitions:

Cognitive Therapy

A form of psychotherapy that focuses on changing negative patterns of thought to improve emotional regulation and develop personal coping strategies targeting solving current problems.

Theoretical Background

The foundation of established principles and theories that underpin a particular area of study or research.

Key Concepts

Fundamental ideas or principles that form the foundation of a topic or discipline.

Rational Emotive Behavior Therapy (REBT)

A form of cognitive behavioral therapy that identifies irrational beliefs, challenges their accuracy, and replaces them with more rational responses.