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This lesson explains what an assignment is and what parties are involved. So Pink agrees to let Yellow fulfill his contract with Blue.There are two types of assignments involving contracts. A contract assignment means that a party to the contract assigns the entire contract to another party. Pink notifies Blue that Yellow will now be fulfilling the contract.
Pink later asks Blue to please pay Yellow for the grass, instead of paying Pink.
Now Blue has an obligation to pay Yellow, even though Yellow has no obligation to Blue. This means that Blue is an obligor, since this contract was written to profit Yellow, and Yellow is an obligee. When an assignee assigns the benefit of a contract as a gift, it's known as a donative assignment.
The ability to assign a contract to another party is a fairly common practice in contracts law. Yellow is the assignee, since he now possesses the rights and obligations of the contract with Blue.
This type of assignment is common in a wide variety of different contract situations. Yellow is now obligated to provide Blue with the St.
In our second scenario, when Pink assigns only his rights under the contract, Blue becomes the obligor. An obligor is a party that is obligated to do something under the terms of a contract.
You will sometimes hear the term 'obligor' used to describe a 'borrower' or a 'debtor.' This is common because many contracts are debt contracts, but it's important to note that obligors can be required to do something other than repay debt.
This means that the party gives the obligations and benefits of an existing contract to another party. This means that Pink assigns Yellow both the obligations and the benefits under his contract with Blue.
This situation occurs when a party to a contract wants another party to completely step in and fulfill the contract. In this scenario, Pink is the assignor, since he was the original party to the contract with Blue.
There are many different restrictions on assignments.
First, an assignment can only be for present rights.