What is an assignment of rights?

An assignment of rights is a legal term used in contract law, which is the law that governs how contracts and agreements are written, formed, and enforced in the state of Virginia. An assignment of rights is when one party (known as the assignor) transfers the rights they possess from another party (known as the assignee). This is often done in exchange for money, goods, or services. An example of an assignment of rights would be if someone (the assignor) bought a house from someone else (the assignee) and the assignee gave the assignor the right to use the property. The assignor would then be the legal owner of the property, and the assignee no longer has any rights to it. This type of contract is binding in Virginia, meaning that the assignor must uphold their end of the agreement and the assignee must be compensated for the transfer of rights.

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What is an assignment of rights?

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