What does assignment refer to in a contract context?

In a contract context, assignment refers specifically to a transfer of rights between parties. This means that one party to a contract can transfer their rights or benefits under that contract to another party. For example, if Party A has a contractual right to receive payment from Party B, Party A may assign that right to Party C, allowing Party C to receive payment instead. This process does not require a new contract but simply a formal agreement to transfer those rights. It is important to note that while the original party may transfer their rights, they typically remain obligated for any duties or liabilities specified in the original contract unless those obligations are also assigned.

The other options reflect different aspects of contract law but do not accurately describe what assignment means. Termination of a contract involves ending the agreement altogether, a legal obligation pertains to the responsibilities that parties must fulfill under the contract, and approval by a notary involves the formal validation of documents rather than the transfer of rights.