What is required for the assignment of contractual rights to be legally binding?

For the assignment of contractual rights to be legally binding, consideration is a critical requirement. Consideration refers to something of value that is exchanged between parties in a contract. In the context of assignment, it ensures that the party receiving the rights is providing something in return, thus solidifying the agreement's validity. This element helps to indicate that both parties are entering the contract with a mutual understanding and intent, making the assignment enforceable.

In many legal frameworks, while written consent may enhance clarity, notification to the original party or legal capacity might be important in certain cases, they do not fundamentally constitute the legal basis for the assignment itself. Consideration stands at the core of contract law and is what fortifies the assignment's binding nature. Without it, the assignment may lack the necessary legal backing to be enforced.