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

The transference of rights and obligations in a contract from one party to another is best described by the term "assignment." In this context, assignment refers specifically to the process where one party (the assignor) transfers their rights under a contract to another party (the assignee). This means that the assignee now holds the right to receive the benefits that were originally due to the assignor under the specified contract.

It's important to note that with an assignment, the original party remains responsible for the obligations under the contract unless something further occurs to change that. This distinction is what sets assignment apart from novation, where a new party not only takes on the rights but also assumes the obligations, effectively releasing the original party from the contract.

Additionally, while the terms "delegation" and "transfer" may seem related, they do not convey the same legal implications in the context of contractual agreements. Delegation typically involves the transfer of duties or obligations, rather than rights, and transfer is a more general term without the specific legal definitions attached to assignment or novation. Understanding these distinctions is crucial for interpreting and applying contract law in real estate and other legal fields.