Contracts
In Minnesota, an 'assignment' in a real estate contract means:
AThe contract is terminated by one party
BOne party transfers their contractual rights and obligations to a third party✓ Correct
CThe property is assigned a new legal description
DThe closing date is rescheduled
Explanation
Assignment transfers one party's contractual rights to a third party (assignee). In a purchase agreement, the buyer may sometimes assign their purchase rights to another party, unless the contract prohibits assignment. The assignor may remain secondarily liable unless released by the other party.
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