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The act of unilaterally passing your rights, but not your obligations, to some other fellow. | The act of unilaterally passing your rights, but not your obligations, to some other fellow. | ||
As a matter of {{t|contract}} law, one can assign one’s rights without one’s counterparty’s consent (broadly speaking, why should she care?), unless your contract states that you cannot, in which case you cannot. | '''Rights''': As a matter of {{t|contract}} law, one can assign one’s rights without one’s counterparty’s consent (broadly speaking, why should she care?), unless your contract states that you cannot, in which case you cannot. | ||
You cannot [[assign]] your obligations to anyone without the counterparty's consent. This stands to reason, since another chap might not be as skillful, creditworthy or personally attractive as you. Therefore your counterparty must consent, and if he does, it is called a [[novation]]. | '''Obligations''': You cannot [[assign]] your obligations to anyone without the [[counterparty]]'s consent. This stands to reason, since another chap might not be as skillful, creditworthy or personally attractive as you. Therefore your [[counterparty]] must consent, and if he does, it is called a [[novation]]. | ||
'''Does a right of assignment compromise a netting contract?''' If I have a contract predicated on my being able to [[net]] or [[set off]] transaction amounts I owe you against amounts you owe me, couldn’t your right to assign your rights against me to a third person prejudice the rights under my contract? | |||
{{Seealso}} | {{Seealso}} | ||