Assignment of Contract Rights
| Contract law |
|---|
| Part of the common law series |
| Contract formation |
|
| Defenses against formation |
|
| Contract interpretation |
|
| Excuses for non-performance |
|
| Rights of third parties |
|
| Breach of contract |
|
| Remedies |
|
| Quasi-contractual obligations |
|
| Implied In Fact Contracts |
|
| Related areas of law |
|
| Other common law areas |
|
Assignment of rights under a contract is the complete transfer of the rights to receive the benefits accruing to one of the parties to that contract. For example, if Party A contracts with Party B to sell Party A's car to Party B for $10, Party A can later assign the benefits of the contract - i.e., the right to be paid $10 - to Party C. In this scenario, Party A is the obligee/assignor, Party B is an obligor, and Party C is the assignee. Such an assignment may be donative (essentially given as a gift), or it may be contractually exchanged for consideration. It is important to note, however, that Party C is not a third party beneficiary, because the contract itself was not made for the purpose of benefitting Party C. When an assignment is made, the assignment always takes place after the original contract was formed. An Assignment only transfers the rights/benefits to a new owner. The obligations remain with the previous owner. Compare Novation.
Read more about this topic: Assignment (law)
Famous quotes containing the words contract and/or rights:
“A contract for better for worse is a contract that should not be tolerated.”
—George Bernard Shaw (1856–1950)
“Assumptions of male superiority are as widespread and deep rooted and every bit as crippling to the woman as the assumptions of white supremacy are to the Negro.... this is no more a man’s world than it is a white world.”
—Student Non-Violent Coordinating Committee, African American civil rights organization. SNCC Position Paper (Women in the Movement)