MrZink Hired Bruce Dorne to Create a Payroll Program for His

question 66

Multiple Choice

Mr.Zink hired Bruce Dorne to create a payroll program for his business.Bruce was to be paid $4000 for the program.When Bruce was halfway finished,a creditor to whom he owed $2000 pressed so hard for payment that Bruce assigned him $2000 of the contract price,an amount he felt he had earned already.The creditor,Mr.Pressing,gave written notice that very day to Mr.Zink.On these facts,which of the following is true? (Read each statement separately.)

• A)If Bruce bungled the assignment and the court determined that nothing was owed to him,Pressing could still get $2000 from Zink.
• B)Pressing is entitled to $2000 from Zink when the contract is completed,if at least that much is owed to Bruce by Zink at that time.
• C)This assignment is a statutory assignment,not an equitable assignment.
• D)This type of assignment is not recognized by the courts because it is an assignment of contractual obligations.
• E)Zink must pay $2000 to Pressing on the day the notice was given,because at that time Bruce had done half of the work on the $4000 contract.

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Definitions:

Nominal GDP

The market value of all finished goods and services produced within a country's borders in a specific time period, measured in current prices without adjusting for inflation.

M1 Velocity of Money

The rate at which money circulates in the economy, measured as the ratio of nominal GDP to the money supply (M1), indicating how often a unit of currency is used to purchase domestically-produced goods and services within a given time period.

Financial Innovation

The creation or improvement of financial products, services, technologies, or processes that provide new ways to invest, borrow, lend, and save.

Monetary Policy

The process by which a country's central bank controls the supply of money and interest rates to influence the economy's growth and stability.