What is the term for the transference of rights and obligations in a contract from one party to another?

The correct term for the transference of rights and obligations in a contract from one party to another is known as assignment. In the context of contracts, assignment specifically refers to the process by which one party (the assignor) transfers their rights under a contract to another party (the assignee). This process allows the assignee to benefit from the contract in the same way that the original party would have.

In most cases, assignment can occur without the need for consent from the other original party to the contract, although there are exceptions based on the nature of the contract or any existing clauses that may prohibit assignment. The party that is assigned the rights will assume the benefits, while the original party remains liable for their obligations unless those obligations are also delegated.

Understanding this term is crucial in contract law, as it clearly delineates how parties can transfer their legal rights and responsibilities, thus allowing for flexibility and continuity in contractual agreements.