Generally, a Seller of an Existing Business Can Assign Any

question 6

Multiple Choice

Generally, a seller of an existing business can assign any contractual right to the buyer unless ________.

• A) the contract specifically prohibits the assignment
• B) the contract is personal in nature
• C) A and B are correct
• D) None of the above. Business sellers typically cannot assign any contractual rights to buyers.

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Definitions:

Creditor

An entity or person to whom money is owed by another entity or person.

Debtor

A debtor is an individual or entity that owes money to another party, often referred to in the context of lending and borrowing financial transactions.

Real Estate Mortgage

A secured loan where property is used as collateral to ensure repayment of the loan.

Formality

The adherence to established rules or standards, typically in legal or official contexts.