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LSDefine
Simple English definitions for legal terms
assignable
Read a random definition: Durham
A quick definition of assignable:
Assignable: Able to be given to someone else. When something is assignable, it means that the person who originally had it can transfer it to someone else, and that person will have the same rights as the original owner. This is different from negotiable, which means that something can be bought or sold.
A more thorough explanation:
Definition: Able to be assigned or transferred from one person to another, giving the new person the same rights as the original person had. This is different from negotiable, which means the item can be bought or sold.
Examples:
- An assignable contract: A contract that can be transferred to another person or company.
- An assignable lease: A lease that can be transferred to another person or company.
These examples show that something that is assignable can be given to someone else. For example, if you have an assignable contract, you can give that contract to someone else and they will have the same rights as you did. This is useful in business when companies want to sell their contracts or leases to other companies.