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9 Cards in this Set
- Front
- Back
assignment
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The passing or delivering by one person to another of the
right to a contract benefit. |
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obligee
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One to whom an obligation is owed.
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obligor
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One who owes an obligation.
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assignee
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One to whom the right to receive benefit of a contract
is passed or delivered. |
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assignor
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One who agrees to allow another to receive the benefit
of a contract. |
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factor
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A person who pays money to receive another’s executory
contractual benefits. |
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Rights and Duties
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Contracts create ____ and ____.
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obligor
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By an assignment, an obligee (one who has the right to receive a contract benefit) transfers a right to receive a contract benefit owed by the ___ (the one who has a duty to perform) to a third person (assignee); the obligee then becomes an assignor (one who makes
an assignment). |
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obligee, obligee
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By an assignment, an __ (one who has the right to receive a contract benefit) transfers a right to receive a contract benefit owed by the obligor (the one who has a duty to perform) to a third person (assignee); the ___ then becomes an assignor (one who makes an assignment).
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