Ontario Mortgage Agent Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

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!

Start Multiple Choice Practice Test
Start Flash Cards

Practice this question and more.

What is defined as a transfer of rights from one party of a contract to another?

  1. Breach

  2. Assignment

  3. Material Alterations

  4. Consideration

The correct answer is: Assignment

This is because a breach is a violation of terms in a contract, not a transfer of rights. Material alterations refer to changes made to the contract after it has been signed, but do not involve the transfer of rights. Consideration is a necessary element in a contract, but it does not involve the transfer of rights. Assignment, on the other hand, is defined as a transfer of rights from one party of a contract to another. This can occur when one party assigns their duty to perform under the contract to a third party.

More Questions Like This