Which of the Following Occurs When a Party to a Contract

question 3

Multiple Choice

Which of the following occurs when a party to a contract transfers his or her rights to a contract to a third party?

• A) Assignment
• B) Referral
• C) Disgorgement
• D) Privity
• E) Transfer

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Definitions:

Contingent Liabilities

Potential financial obligations that may occur depending on the outcome of a future event.

Future Event

A prospective occurrence or situation that has yet to happen, often considered in planning and strategy contexts.

Amount Repaid

The total sum of money that has been paid back to a lender in fulfilling the terms of a loan or financial obligation.

Payroll Register

A document or ledger containing details of employees' pay, deductions, and net pay for a specific pay period.