An assignment:
A) is generally revocable if it is gratuitous and is either oral or written.
B) for consideration is irrevocable.
C) becomes valid when the obligor receives notice of the assignment.
D) must follow formalities.

Question

Quizplus · Accepted Answer

An assignment for consideration is generally irrevocable. Consideration is something of value (usually money) that is exchanged between parties in a contract or agreement. Once consideration has been given for an assignment, the assignor cannot revoke it. Gratuitous assignments, on the other hand, are generally revocable unless they meet certain exceptions, such as being in writing and signed by the assignor. Notice and formalities may be required to make the assignment enforceable, but they do not determine whether an assignment is revocable or irrevocable.

An Assignment