The transfer of a right from one party to another. For example, a party to a contract (the assignor) may, as a general rule and subject to the express terms of a contract, assign its rights under the contract to a third party (the assignee) without the consent of the party against whom those rights are held. Obligations cannot be transferred to a third party except by novation.

For an example assignment clause, see Standard clause, Assignment. Also see Practice note, Assignment of contractual rights.