About This Chapter
Contracts: Assignment and Delegation - Chapter Summary and Learning Objectives
Contracts play a large role in business law. Many aspects of business hinge on the success of them. When it comes to the laws surrounding contracts, assignment and delegation are important points. Each person or entity involved in a contract has specific rights and obligations. It's important that each person or entity involved completely understand these rights and obligations. Additionally, when becoming involved in a contract, it's important to understand terminology like assignee, obligor and delegation.
In this chapter, we will cover these things. You'll watch lessons that discuss assignment of a contract, the rights of the parties involved and how a contract can be revoked. You'll also learn about delegation and what duties can't be designated in a contract. You can expect to learn more about the following:
- What assignment means
- The different parties in a contract
- An explanation of revocability
- The difference in assignment and delegation
|Contract Assignment: Definition and Involved Parties||Explore the definition of assignment, and examine the parties involved in a contract.|
|Parties in an Assignment: Rights of the Assignees, Assignor & Obligor||Discover the rights of parties in a contract.|
|Revocability of Assignment: Definition & Explanation||Discuss the revocability of assignment.|
|What is Delegation? - Definition, Parties & Duties||Analyze the difference in assignment and delegation and what duties cannot be delegated.|
1. Contract Assignment: Definition and Involved Parties
Contract assignment occurs when one party to a contract gives the obligations and benefits of the contract to another party. Assignment of rights occurs when one party to a contract gives the benefits of the contract to another party. This lesson explains what an assignment is and what parties are involved.
2. Parties in an Assignment: Rights of the Assignee, Assignor & Obligor
Assignments are common in contracts law. There will generally be at least three parties involved in an assignment. This lesson explains the roles and rights of the assignee, assignor, and obligor.
3. Revocability of Assignment: Definition & Explanation
A contract assignment means that one party transfers contract rights to another party. The type of the assignment determines if, and how, the assignment can be revoked. This lesson explains assignment revocability.
4. What is Delegation? - Definition, Parties & Duties
Delegation occurs when the responsibility and authority for performing a particular contractual duty is transferred to another party. This is different than an assignment. This lesson explains delegation, and the differences between delegation and assignment.
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Other chapters within the CLEP Introductory Business Law: Study Guide & Test Prep course
- History of American Law
- Sources of Law
- Constitutional Law
- American Legal Systems
- Legal Procedures
- Contract Law Basics
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Statute of Frauds
- Contracts: Scopes and Meanings
- Contracts: Breach of Contract
- Contracts: Discharge of Contracts
- The Legal Environment
- Securities and Antitrust Law
- Property Law
- Creditors' Rights
- International Business Law
- Product Liability and Consumer Protection
- Types of Business Organizations
- Torts in Business Law
- The Role of Agency in Business Law
- Sales & the Law
- CLEP Introductory Business Law Flashcards
- Additional CLEP Introductory Business Law Flashcards