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Pink is an original party to the contract and is the assignor.
An assignor can be an individual, a group, or a business.
It's a contractual clause that allows the other party to rescind the contract if an assignment is made.
Also, a clause that creates a condition subsequent rescinds the contract automatically if an assignment is made.
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.
This means that Pink can only assign his rights to Yellow after Pink has those rights. So Pink can't assign his rights before his contract with Blue is made.
Additionally, the assignor has to make a clear statement regarding the intent to assign rights, and those rights have to be clearly identified.
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.