BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Novation
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Performance
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Assignment
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Consideration
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Detailed explanation-1: -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: -Definition: A party or entity who transfers the rights of the contract they hold to another party (assignee) is called the assignor. Description: Assignor transfers the complete rights of ownership and benefits pertaining to the contract to the assignee.
Detailed explanation-3: -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-4: -An Assignment, or an assignment of contract, is a document that allows one party to transfer the rights and benefits of a contract to another party.
Detailed explanation-5: -Assignee is a person to whom a right is transferred by the person holding such rights under the transferred contract (the “assignor”). The act of transferring is referred to as “assigning” or “assignment” and is a concept found in both contract and property law.