BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Thus, the rights and obligations arising from the contract are owned by the contracting parties. However, in certain cases, these contractual rights and obligations can be transferred to a third party. This is known as the assignment of contract.

Detailed explanation-2: -Assignment is a legal term whereby an individual, the “assignor, ” transfers rights, property, or other benefits to another known as the “assignee.” This concept is used in both contract and property law. The term can refer to either the act of transfer or the rights/property/benefits being transferred.

Detailed explanation-3: -An assignment of rights and obligations under a contract occurs when a party assigns their contractual rights to a third party. The benefit that the issuing party would have received from the contract is now assigned to the third party.

Detailed explanation-4: -An assignment of contract occurs when one party to an existing contract (the “assignor") hands off the contract’s obligations and benefits to another party (the “assignee"). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.

Detailed explanation-5: -Assignment is the transfer by an obligee (assignor) of some or all of its rights to receive performance under the contract typically, but not always, to a non-party (assignee).