Asked by Fazena Jaikaran on May 26, 2024
Verified
List the implied warranties imposed by law on an assignor who has received value for the assignment.
Implied Warranties
Legal guarantees that are not explicitly stated but are assumed in transactions, indicating that a product will meet certain quality and reliability standards.
Assignor
The party in a contract who transfers their rights or interests in a property or contract to another party, known as the assignee.
- Pinpoint the essential conditions needed for a successful assignment.
- Acknowledge the role that consideration plays in determining an assignment's validity.
Verified Answer
MB
Marilyn BeinkeMay 30, 2024
Final Answer :
The following are the implied warranties an assignor, receiving value for an assigned right, has to the assignee:
1. that he will do nothing to defeat or impair the assignment.
2. that the assigned right actually exists and is subject to no limitations or defenses other than those stated or apparent at the time of the assignment.
3. that any writing that evidences the right and that is delivered to the assignee or exhibited to him as an inducement to accept the assignment is genuine and what it purports to be; and
4. that the assignor has no knowledge of any fact that would impair the value of the assignment.
1. that he will do nothing to defeat or impair the assignment.
2. that the assigned right actually exists and is subject to no limitations or defenses other than those stated or apparent at the time of the assignment.
3. that any writing that evidences the right and that is delivered to the assignee or exhibited to him as an inducement to accept the assignment is genuine and what it purports to be; and
4. that the assignor has no knowledge of any fact that would impair the value of the assignment.
Learning Objectives
- Pinpoint the essential conditions needed for a successful assignment.
- Acknowledge the role that consideration plays in determining an assignment's validity.