On September 1, Beeton contracted to sell $4000 worth of specified Kenyan lumber to Cairns. Beeton expected the arrival of the lumber soon, so the delivery date was set for September 8. On September 5, Beeton assigned, in writing, his contractual right to receive the $4000 to his bank, which was pressing him to reduce his $17 000 debt. The bank sent a written notice to Cairns instructing him to forward the $4000 to the bank and not to pay Beeton directly. Unknown to either Beeton or Cairns, the lumber had been lost at sea in August, before they had even entered the contract. On these facts, which of the following is true?
◦ Because the assignment was made by Beeton to his bank in good faith, Cairns must pay the bank $4000.
◦ This assignment was not a statutory assignment (i.e., it failed to satisfy the statutory requirements for enforcement by the assignee against the debtor).
◦ Because the goods bargained for had perished before the parties had contracted for them, the court would hold the contract void.
◦ The assignee would receive whatever the assignor had assigned to him, namely, the $4000.
◦ The time for determining the "equities between the parties" is always the time that notice of the assignment is given.
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A debt payment of $7500 is due in 24 months. If money is worth 7.2% p.a. compounded quarterly, ...
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lumber