What is an assignment of rights?

An assignment of rights is a legal document in which an individual or company transfers or “assigns” their rights in a contract to another person or entity. This transfer of rights is generally done to allow someone else to take over a contractual obligation. In Michigan, the assignment of rights must be in writing and include language that assigns the rights from one party to another. The document must also be signed by both parties to be legally valid. An assignment of rights can be used in a variety of situations. For example, if a person or business sells a house, they may assign the right to receive the remaining mortgage payments to the new buyer. In other cases, a contract may be assigned so that a different person can take legal responsibility for the contract’s obligations. If one party fails to fulfill their legal obligations in a contract to which they have assigned their rights, the other party to the contract can invoke the assignment and seek legal remedy for breach of contract. In Michigan, the remedies for breach of contract depend on the nature of the contract and the circumstances surrounding the breach. In certain cases, the party who breaches the contract may be liable for damages to the other party. Overall, an assignment of rights is a document that enables one party to transfer their legal rights and obligations to another person or entity. This legal document is important and provides legal recourse if one party fails to fulfill the assigned obligations.

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