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Cession in Mercantile Law

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Questions and Answers

What is a key distinction between a ceded contract and the original contract?

The ceded contract is no longer with the original creditor (correct)
The ceded contract is stricter than the original contract
The debtor's consent is required for the ceded contract
The debtor's obligations are increased in the ceded contract

What is the purpose of the cessionary giving notice to the debtor?

To inform the debtor of the cession (correct)
To transfer the debtor's obligations
To formalize the cession process
To prescribe the formalities of the cession

What is the limitation of a cession?

The cession is only valid if the debtor is aware of it
The debtor's consent is required for the cession
The cession is only a transfer of rights, not obligations (correct)
The creditor can transfer more rights than they have

What happens if the debtor performs in good faith to the original creditor?

The performance is valid and extinguishes the debt (A) Signup and view all the answers

What is a defence that the debtor can raise against the cessionary's claim?

All of the above (C) Signup and view all the answers

Why may formalities be prescribed in certain cases?

To comply with statutory requirements (D) Signup and view all the answers

What is the definition of cession in the context of mercantile law?

A transfer of claim/personal right by one person to another (D) Signup and view all the answers

What is the role of the cedent in a cession?

The person who transfers the right (D) Signup and view all the answers

What is a possible ground for prohibiting cession?

By statute, contract, or common law (C) Signup and view all the answers

What is the exception to the rule that a prohibition on cession in a contract is invalid?

When it can be shown that there is an interest in the prohibition (B) Signup and view all the answers

What happens when a right is ceded to a third party?

The third party becomes the new creditor (D) Signup and view all the answers

What is a characteristic of cession?

It does not change the nature of the obligation (B) Signup and view all the answers