Definition: An assignment transfers a right or interest from one party (the assignor) to another (the assignee). In a contract, assigning rights and delegating duties are related but distinct actions.
Example
A buyer transfers the buyer’s contractual rights to another buyer under an assignment permitted by the purchase contract.
Keep the distinction clear
Do not assume that assignment releases the original party from obligations. A novation replaces an obligation with the parties’ agreement and releases the obligation it replaces. Contract terms and applicable law determine whether an assignment is permitted.
Related terms
Keep studying
Valid, Void, Voidable, and Unenforceable Contracts
References: Florida Fifth District Court of Appeal: assignment and novation
Pronunciation (US): uh-SYN-muhnt (capitals show stress)
Pronunciation reference: Merriam-Webster
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