ContractsQuestion 62 of 120
The transfer of one's rights and obligations under a contract to another person is called:
a.Escheat
b.Assignment
c.Foreclosure
d.Subordination
Explanation
Assignment is the transfer of contractual rights (and often duties) from one party to another. Unless the contract prohibits it, many real estate contracts are assignable. The original party may remain secondarily liable unless released through novation.
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