Asked by Dylan Wright on Jun 25, 2024
Verified
In The Industrial Development Board of the City of Montgomery v.Russell,the case in the text,the court held that:
A) the City was not a party to the option agreements and therefore was not liable for breach of contract because IDB was not acting as the City's agent.
B) the assignment of rights under a contract relieves the assignor of any potential liability for duties not performed under the assigned contract.
C) IDB should not be relieved from liability based on its assignment of its rights under the option agreements.
D) IDB did not assign the City and the County its rights under the option agreements.
Option Agreements
Legal contracts that give the holder the right, but not the obligation, to buy or sell an asset at a predetermined price and date.
Assignment of Rights
The transfer of rights or interests in a contract or property from one party to another.
Breach of Contract
An act of failing to fulfill the terms and conditions as agreed upon in a contract, leading to legal action for redress.
- Determine and describe the duties and privileges of individuals in nominated and transferred contracts.
Verified Answer
Learning Objectives
- Determine and describe the duties and privileges of individuals in nominated and transferred contracts.
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