The benefit that they would have received from a contract is said to be "assigned" to the other party.The party assigning their rights is called the "assignor", while the party receiving the rights is the assignee.
An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
The right or benefit being assigned may be a gift (such as a waiver) or it may be paid for with a contractual consideration such as money.
The rights may be vested or contingent, Mortgages and loans are relatively straightforward and amenable to assignment.
An assignor may assign rights, such as a mortgage note issued by a third party borrower, and this would require the latter to make repayments to the assignee.
Like all contractual agreements, a contract assignment details what happens if the terms of the agreement are broken.
Violations are dependent on the terms of the actual contract, but there are a few common violations.However, no matter how a contract is assigned, the original terms and obligations still apply.The law surrounding an assignment clause isn't as stringent as contract law.However, one party might want to transfer the contract to someone else.For example, B might want to assign its rights and obligations to C.If an assignment contract is violated, the assignee (the party receiving the transferred benefits or rights) can sometimes sue the obligor for their defective performance or for a breach of contract.However, breaches under these circumstances can be possible, and a determination of liability can depend on several factors (such as the degree of involvement by the assignor, and other facts).is a legal term used in the context of the law of contract and of property.In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. Sandvick worked as a civil litigator in California for over 7 years.A contract is an agreement between at least two parties—A and B.