Difference between revisions of "Transferable Contract"
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== Definition == | == Definition == | ||
| − | '''Transferable Contract''' | + | '''Transferable Contract''' is any contract in which the rights and obligations of one party (the holder) may be transferred to another party, which thereby takes on the same rights and obligations with respect to the other party to the contract |
Note that the ability to transfer ownership of one side of a contract, and the concept of assignability, are distinct. In one case the contract may be freely traded; in the other case, some legal transfer of rights to a third party takes place, without a change in who are the signatories of a (typically bilateral) contract. | Note that the ability to transfer ownership of one side of a contract, and the concept of assignability, are distinct. In one case the contract may be freely traded; in the other case, some legal transfer of rights to a third party takes place, without a change in who are the signatories of a (typically bilateral) contract. | ||
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== See Also == | == See Also == | ||
* [[Transferred Receivable]] | * [[Transferred Receivable]] | ||
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[[Category:Contracts]] | [[Category:Contracts]] | ||
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Latest revision as of 13:42, 17 April 2024
Definition
Transferable Contract is any contract in which the rights and obligations of one party (the holder) may be transferred to another party, which thereby takes on the same rights and obligations with respect to the other party to the contract
Note that the ability to transfer ownership of one side of a contract, and the concept of assignability, are distinct. In one case the contract may be freely traded; in the other case, some legal transfer of rights to a third party takes place, without a change in who are the signatories of a (typically bilateral) contract.
