What is an assignment of a contract?

An assignment of a contract is when a person, known as the assignor, gives their rights and obligations from a contract to another person, known as the assignee. This assignment is often done for financial reasons, such as the assignor selling the contract rights to the assignee in exchange for a payment. However, it can also be done to transfer responsibility for fulfilling a contract or agreement to another party. In Nebraska, both parties must agree to the assignment and the assignee must be able to uphold the obligations made in the contract. The terms of the contract also must not be changed during the assignment process. Additionally, it’s important to check the original contract for any clauses that forbid assignment or if any party needs to be notified of the assignment. Without properly assigning a contract in Nebraska, both parties are still obligated to fulfill the terms of the original contract.

Related FAQs

What is a rescission of a contract?
What is implied in a contract?
What is a discharge for breach of contract?
What is the difference between an express and implied contract?
What is the common law of contracts?
What is the termination of a contract?
What is a breach of the implied covenant of good faith?
What is the Statute of Frauds?
What is the principle of non-derogation of contracts?
What is the common law?

What is an assignment of a contract?

Related FAQs

Related Blog Posts