Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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What does assignment refer to in a contract?

Breach
Assignment
Material Alterations
Consideration

The correct answer is: Assignment

Assignment refers to the transfer of rights or obligations from one party to another in a contract. Breach (A) refers to a failure to fulfill obligations or duties outlined in the contract. Material alterations (C) refer to changes made to the contract that may impact its validity. Consideration (D) refers to something of value exchanged by parties in a contract. These options are incorrect because they do not specifically pertain to the transfer of rights or obligations in a contract, which is what assignment refers to.