9.4 Key Concepts for Contracts
Assignment
A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract.
Specific Performance
An action to compel performance of an agreement, ex: sale of land as an alternative to damages or rescission.
Assignor
One who assigns or transfers property
Key Concepts :Assignments and Novation
>One party or the other may want to withdraw w/o actually terminating the agreement.
Novation
The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.
*Pop Quiz* Those to whom property or interests therein shall have been transferred are known as...?
Assignee
*Pop Quiz* If one of the parties to a contract wants to withdraw without terminating the contract, which of the following can be used...?
Assignment
*Pop Quiz* A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?
Assignment
*Pop Quiz* One who assigns or transfers property is known as a/an...?
Assignor
Assignee
Those to whom property or interests therein shall have been transferred