Glossary

We are going to produce a Glossary resource by gradually releasing words, one letter per day or every few days depending on time pressures. We will be asking for people on Twitter and other social media platforms to help refine the definitions. We will give credit on this site to people who help.

The first word is:

Assignment - Assignment, also known as assignation in Scotland, is a contract between two parties under which the assignor transfers ownership of legal or equitable rights to another party (the assignee). For example, intellectual property such as copyrights, patents, or trade marks, and physical property such as leases may all be assigned. Such an assignment may be limited to part or may cover all rights.  There must be consideration, for example, payment of a lump sum, for the assignment, otherwise if consideration may be a problem, the agreement should be written under deed. Once the agreement is concluded, the assignee acquires ownership of the rights transferred and the assignor will remain liable unless the agreement provides otherwise.