Ben promises to sell five acres of his land to Tomas for $8,000.If Ben transfers his right to the $8,000 to Firewood Financial,Ben is the assignee and Tomas is the obligor.

Question

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In this scenario, Ben is the assignor because he is transferring his right to receive $8,000 to Firewood Financial. Tomas is the obligor because he is obligated to perform under the contract, which in this case means paying the $8,000. Firewood Financial becomes the assignee, as it is receiving the rights from Ben.

Ben Promises to Sell Five Acres of His Land to Tomas