Which of the following statements best describes the term assignment?
A) It is the conveyance of rights in a contract to a person who is not a party.
B) It is the termination and replacement of an old contract.
C) It is the transfer of duties alone without a transfer of rights.
D) It consists of an assignee who is the party making the assignment.
Question 2
Jones has a life insurance policy on his own life that provides that in the event of his death, his mother will receive the proceeds. Jones' mother is a(n):
A) incidental beneficiary.
B) donee beneficiary.
C) creditor beneficiary.
D) assignee.
How to convert verbal statements into algebraic equations (Part 2)
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