Illustrate Assignment of Rights

Question

Illustrate what do you mean by Assignment of Rights?

Answer 1

Contracts also affect 3rd parties when one party to contract gives away, or assigns, his/her rights to a third party. Rights assigned beneath contract are part of a larger categorization of rights to intangible property (such as patents, stocks, and contracts), called choses in action, distinguishable from rights to substantial property (land, goods), known choses in custody.