What term describes a contract in which rights are sold, transferred, or subrogated?

• A. Assignee
• B. Assignor
• C. Executed contract
• D. Assignment

Answer: (D)

Assignment is the transfer of rights under a contract from one party to another. The party giving up the rights is the assignor, and the party receiving them is the assignee. Subrogation is a related concept where a party (often an insurer) steps into the insured’s rights to pursue recovery after paying a claim, which is a form of assignment of those rights. An executed contract simply means the contract has been performed. So the term that describes rights being sold, transferred, or subrogated is assignment.