Assignment & novation Flashcards
(4 cards)
1
Q
Does assignment terminate a contract?
A
no
2
Q
What is assignment?
A
the transfer of a person’s rights and duties under a contract to another person
3
Q
Are contracts assignable?
A
yes, unless prohibited explicitly (in the contract)
4
Q
What is novation?
A
Used to substitute new party for the original party
