BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Assignment
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Breach
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Delegate
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Novation
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Detailed explanation-1: -Assignment refers to the transfer of contractual rights or liability by a party to the contract to some other person who is not a party.
Detailed explanation-2: -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-3: -A transfer of rights contract allows you to transfer your contractual rights and responsibilities to another party. Transferring contract rights can happen either through assignment or delegation.
Detailed explanation-4: -Assignee is a person to whom a right is transferred by the person holding such rights under the transferred contract (the “assignor”).