What is the term for when one party assigns their rights under a contract to a third party?

The term that describes when one party assigns their rights under a contract to a third party is known as the "Assignment of Contracts." In this process, the original party (the assignor) transfers their rights and benefits to a third party (the assignee), who then has the right to pursue those benefits under the contract. This practice is common and effective when parties wish to transfer their contractual entitlements without affecting the obligations under the contract.

In the context of contract law, it's important to distinguish this from other concepts like novation, which involves replacing one of the original parties in the contract with a new party, thus creating a new agreement. Delegation refers to the transfer of obligations or duties under a contract, rather than rights. Modification implies changing the terms of the original contract rather than simply assigning rights. Understanding these distinctions helps clarify how contractual relationships can evolve and change based on the needs of the parties involved.