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Unformatted text preview: CHAPTER SUMMARY Assignment of Rights Definition of Assignment voluntary transfer to a third party of the rights arising from a contract so that the assignors right to performance is extinguished Assignor party making an assignment Assignee party to whom contract rights are assigned Obligor party owing a duty to the assignor under the original contract Obligee party to whom a duty of performance is owed under a contract Requirements of an Assignment include intent but not consideration Revocability of Assignment when the assignee gives consideration the assignor may not revoke the assignment without the assignees consent Partial Assignment transfer of a portion of contractual rights to one or more assignees Assignability most contract rights are assignable, except assignments that materially increase the duty, risk, or burden upon the obligor assignments of personal rights assignments expressly forbidden by the contract assignments prohibited by law Mann CH 16- 1 Rights of Assignee...
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.
- Fall '10
- Business Law