What is the tangible token rule?
A) a rule that prevents the assignment of contract rights unless there is a tangible token of proof that the right was assigned
B) a rule that provides that when the same contract right has been assigned to more than one assignee, the right belongs to the person in possession of the tangible token of the assignment
C) a rule that requires the assignee of a contract right to give some tangible token of consideration in exchange for being assigned the contract right
D) a rule that requires the assignor of a contract right to retain some tangible token of the right assigned
E) a rule that prevents the assignment of contract rights unless a tangible token in the form of a monetary deposit has been provided

Question

Quizplus · Accepted Answer

The tangible token rule provides that when the same contract right has been assigned to more than one assignee, the right belongs to the person in possession of the tangible token of the assignment. This means that possession of a written document, such as an assignment agreement, can determine who holds the right to the contracted item.

What Is the Tangible Token Rule