The rights conveyed by a contract may be transferred to another party by:
A)formation.
B)promissory estoppel.
C)novation.
D)quantum meruit.
E)assignment.

Question

Quizplus · Accepted Answer

The transfer of rights in a contract to another party is known as assignment. Therefore, the best choice to transfer the rights in a contract to another party is E. Formation (choice A) refers to the process of creating a contract, while promissory estoppel (choice B) and quantum meruit (choice D) are legal doctrines that allow for the enforcement of promises made outside of a contract. Novation (choice C) is the process of substituting a new contract for an existing one, and is not specifically related to the transfer of rights in a contract.

The Rights Conveyed by a Contract May Be Transferred to Another