Illustrate Assignment of Rights

Illustrate what do you mean by Assignment of Rights?

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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.

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