What is the conveyance of rights in a contract to a third party called?

The conveyance of rights in a contract to a third party is known as assignment. In this context, assignment involves one party (the assignor) transferring their rights and benefits under the original contract to another party (the assignee).

This process does not require the original contract to be rewritten; rather, the assignee steps into the shoes of the assignor and gains the right to receive the benefits designated in the contract. For example, if a landlord assigns their right to collect rent to a property management company, the management company can then collect rent from the tenants as if they were the landlord.

It's important to distinguish assignment from other related concepts. Delegation, for instance, refers to the transfer of duties and obligations under a contract, whereas assignment deals solely with the transfer of rights. Novation is another distinct concept where a new party is introduced into the contract, effectively replacing one of the original parties, and requires agreement from all parties involved.

Understanding these nuances helps clarify the distinct roles and implications each term has concerning contracts and third-party relationships within legal frameworks.