Assignment Phases – Assignment Example
Business Business Many of the terms used in the business world are to differentiate what is being expected from a particular discussion. It is stated that a bilateral contract exchanges what is seen to be a promise for a promise. Where a bilateral contract is being accepted, the offeree is the one to make the promise requested. Thus, whenever a referee gives the promise requested, then the bilateral contract comes into place. So long as the offeree outwardly manifests intent to accept the offer, the contract is formed, regardless of the offeree’s subjective intent. In the instance where the offeree is not serious in her intent, so long as her outward appearance gives no certain indication to a person who is reasoning that she does not intend to accept, then she will be automatically bound by the contract (Stim, 2010).
In cases where assignment is concerned, it may mean the act of transferring one’s rights under a contract or where both the transfer of rights and duties is conducted. An assignment is seen where one does not buy and sell the properties, but instead, one simply assigns their existing contract to some other person who is stepping into their shoes to complete the contract on their behalf. In many instances, the term assignment of contract tends to be confusing as it does not specify whether they are rights or duties that are being transferred or both. Thus, when the offeree tends to use this term, it is in most cases interpreted to mean that rights were seen to be delegated (Lee, 1995). Terms such as obligor and obligee are mainly used where a contract is in place. The obligor under the contract is expected to perform, whereas the obligee is expected to receive the contract. The obligee is seen to assign rights to receive performance of the obligor (Helewitz, 2010).
Helewitz, J. A. (2010). Basic contract law for paralegals. New York: Aspen Publishers.
Lee, A. G. (1995). General principles. Berkeley, CA: JAI Press.
Stim, R. (2010). Contracts: The essential business desk reference. Berkeley, CA: Nolo Press.