Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

Exercise 1

Read the following notification of assignment, then circle the best answer.
DATE: September 25, 20___
TO: Jane Lu, 189 Factor Road, Cleveland, OH 44112
FROM: Brendon Associates, 1334 Duncan Avenue, Cleveland, OH 44112
We have purchased from Hyland Fence Company of Cleveland, Ohio, its entire interest in the account it has against you in the amount of one thousand five hundred fifty dollars ($1,550). Any payments or communications in regard to this account should be made to us.
i. According to this notification of assignment, what right is being assigned?
a. the right to receive payment of money
b. the right to the delivery of goods
c. the right to personal services
d. the right to personal skill
ii. Brendon Associates legally is known as the
a. offeror
b. assignor
c. assignee
d. promisee
iii. The Hyland Fence Company is known as the
a. assignee
b. offeror
c. promisee
d. assignor
iv. Lu is the
a. obligor
b. oblige
c. assignor
d. creditor
v. Before receiving the notification, Lu informed the Hyland Fence Company that fencing worth $500 was damaged and was being returned. If Lu returns the merchandise, she will be liable to Brendon Associates for payment of:
a. $1,550
b. $1,050
c. $1,000
d. nothing