What is the means of conveying rights in a contract to another party called?

The term that describes the process of conveying rights in a contract to another party is known as assignment. When one party assigns their rights under a contract to another party, they are transferring the benefits of the contract while remaining bound by the obligations of the original contract. This means that the original party (the assignor) moves their rights to receive benefits from the contract to a new party (the assignee).

In assignment, the key focus is on the rights that can be transferred, which is crucial in many legal and business contexts. This allows for flexibility in contractual relationships, enabling parties to manage their obligations and benefits more efficiently. For example, if you have a lease agreement and choose to assign it to someone else, that person will gain the right to occupy the property according to the terms of the original lease while you remain liable for the lease's obligations.

Other terms mentioned in the options refer to different processes: novation involves the replacement of one party in a contract, transferring both rights and obligations; ratification means that a party agrees to the validity of an act that may have initially been executed without proper authority; and consideration refers to the value exchanged in a contract, which is necessary for a contract to be enforceable but does not pertain directly