Asked by Kevin Simpson on Jun 10, 2024
Verified
Which of the following states that in the case of multiple assignments of the same right,the first assignee to give notice of assignment to the obligor is the party with rights to the contract?
A) The first-assignment-in-time rule
B) The last-assignment-in-time rule
C) The English rule
D) The French rule
E) The race-to-the-courthouse rule
First-Assignment-in-Time Rule
A legal principle that gives priority to the first assignee in time when multiple assignments have been made for the same rights or property.
- Gain insight into the elementary notions and judicial repercussions of allocating contractual responsibilities and rights.
Verified Answer
SR
Steven ReinigJun 16, 2024
Final Answer :
C
Explanation :
When an assignor assigns two or more parties the same right,confusion arises about which party has the right to the contract.To address such a situation,a minority of states have adopted the English rule,which states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract.Particularly when living in a state using the English rule,parties are well advised to give notice of assignments to ensure that they maintain their assigned rights.
Learning Objectives
- Gain insight into the elementary notions and judicial repercussions of allocating contractual responsibilities and rights.