Business Law Chapter 14

Front 1

assignment

Back 1

The passing or delivering by one person to another of the
right to a contract benefit.

Front 2

obligee

Back 2

One to whom an obligation is owed.

Front 3

obligor

Back 3

One who owes an obligation.

Front 4

assignee

Back 4

One to whom the right to receive benefit of a contract
is passed or delivered.

Front 5

assignor

Back 5

One who agrees to allow another to receive the benefit
of a contract.

Front 6

factor

Back 6

A person who pays money to receive another’s executory
contractual benefits.

Front 7

Rights and Duties

Back 7

Contracts create ____ and ____.

Front 8

obligor

Back 8

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).

Front 9

obligee, obligee

Back 9

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).