Asked by Carla Reyes on May 04, 2024
Verified
Martin entered into a written contract to sell Anna his football card collection for $10,000,payable in five installments.Martin then orally told Cathy that she could collect the proceeds of his sale.Discuss Cathy's legal rights.
Written Contract
A legally binding agreement between two or more parties that is put in writing and signed by the parties involved.
Installments
Regular partial payments made over a period of time to settle a debt or purchase price, rather than paying the total amount at once.
Proceeds
The total amount of money or assets derived from a transaction or event, often used in the context of sales and financings.
- Analyze the legal rights of parties in a contract when an assignment of rights or delegation of duties occurs.
- Evaluate the importance of timely and proper notification of contractual changes to all parties involved.
Verified Answer
Learning Objectives
- Analyze the legal rights of parties in a contract when an assignment of rights or delegation of duties occurs.
- Evaluate the importance of timely and proper notification of contractual changes to all parties involved.
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