Asked by Sarah-Cate Parker on May 06, 2024
Verified
Norbert receives an official-looking written notice which states that Mountain Mortgage Inc. ,from whom he had borrowed money to purchase his house,has assigned Walter all rights to receive payment and that Norbert should make all future mortgage payments to Walter.Discuss Norbert's rights and duties.
Assigned Rights
The transfer of rights or interests in a contractual agreement from one party to another.
Mortgage Payments
Regular payments made towards a loan used to purchase property, typically consisting of both principal and interest components.
Official-Looking
Something that appears to be formal, authoritative, or sanctioned by an official body, even if it is not.
- Acquire knowledge about the legal prerequisites and impacts linked to assigning rights or obligations within a contractual agreement.
- Assess the significance of providing prompt and accurate updates on contract modifications to all stakeholders.
Verified Answer
HS
Hamza SheikhMay 11, 2024
Final Answer :
Norbert has a right to a reasonable time to seek assurance that an assignment has,in fact,been made to Walter.Assuming the assignment is valid,Norbert has a duty to pay Walter and any payments to Mountain Mortgage will not relieve Norbert of his debt.
Learning Objectives
- Acquire knowledge about the legal prerequisites and impacts linked to assigning rights or obligations within a contractual agreement.
- Assess the significance of providing prompt and accurate updates on contract modifications to all stakeholders.