What does "assignment of contract" mean?

The term "assignment of contract" refers to the transfer of contract rights and obligations from one party to another. In this context, one party (the assignor) gives up their rights to receive benefits under the contract and transfers those rights to another party (the assignee). This ensures that the assignee can step into the shoes of the assignor and fulfill the obligations set forth in the agreement.

Understanding this concept is crucial in real estate and other contractual dealings, as assignments can affect who is responsible for the terms of the contract and who benefits from it. It is important to note that not all contracts are assignable; this depends on the specific terms and conditions outlined in the contract itself.

Other options reflect different legal concepts. For instance, cancellation of a contract relates to nullifying the agreement, whereas enforcement of contract terms involves ensuring compliance with the agreed-upon provisions. The termination of a lease agreement specifically indicates the ending of a rental contract, which is a separate process from the assignment of contract rights.