Asked by Brian Williams on May 02, 2024
Verified
A(n) ___________ is the voluntary transfer to a third party of the rights arising from a contract.
A) negotiation of bearer paper
B) negotiation of order paper
C) assignment
D) negotiation
Rights Arising
Privileges or legal claims that originate from a specific source, such as a contract, employment relationship, or statute.
Negotiation
The process of discussing terms in order to reach a mutual agreement, often in the context of contracts or dispute resolutions.
Assignment
The transfer of rights, property, or responsibilities from one party to another, either permanently or temporarily.
- Ascertain the specific situations in which the transfer of a negotiable instrument amounts to its negotiation.
- Acknowledge the significance of transfer and ownership during the negotiation of negotiable instruments.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
C
Explanation :
An assignment is the act of transferring to another individual or entity the rights and benefits that one party holds in a contract. This does not necessarily transfer the obligations under the contract unless the other party to the contract agrees.
Learning Objectives
- Ascertain the specific situations in which the transfer of a negotiable instrument amounts to its negotiation.
- Acknowledge the significance of transfer and ownership during the negotiation of negotiable instruments.