The Restatement (Second) of Contracts defines an assignment of a right as “a manifestation of the assignor’s intention to transfer it by virtue of which the assignor’s right to performance by the obligor is extinguished in whole or in part and the assignee acquires the right to such performance.” The one who makes the assignment is both an obligee and a transferor.
The assignee acquires the right to receive the contractual obligations of the promisor, who is referred to as the obligor (see Figure 14.1 "Assignment of Rights").
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Assignment / Amendment / Continuation A UCC-3 Amendment is a legal form created for changing or adding information contained in the UCC-1 Form.
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Under the UCC, any assignments of rights in excess of ,000 must be in writing, but otherwise, assignments can be oral and consideration is not required: the assignor could assign the right to the assignee for nothing (not likely in commercial transactions, of course). Franklin has the right to receive 0 a month from the sale of a house she formerly owned; she assigns the right to receive the money to her son Jason, as a gift.
The assignment is good, though such a gratuitous assignment is usually revocable, which is not the case where consideration has been paid for an assignment.
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