Transfer of Contracts & Novation

The video tutorial explains the rights and obligations in contracts, focusing on the assignment of these rights and duties. It covers the roles of assignor and assignee, the necessity of notifying the obligor, and the types of contracts that cannot be assigned, such as those requiring specific skills or supply contracts. The tutorial also discusses the liability of the assignor if the assignee fails to perform and introduces the concept of novation, which involves creating a new contract to relieve the original party of liability.

What is the role of the Assignor in a contract?

Explain the responsibilities of an individual who receives an assignment under a contract.

What are some examples of contracts that cannot be assigned?

What happens if an obligation is transferred but the original party does not get relieved from liability?

Describe the process of innovation in the context of contract obligations.