Does assigning a contract automatically release the original party?
Staff Q&A from the 63Hours team.
Ask clear questions about the Florida real estate course and learn from course-specific answers.
Does assigning a contract automatically release the original party?
Staff Q&A from the 63Hours team.
No. The course distinguishes transferring contractual rights and delegated duties from obtaining a release. An assignor may remain responsible unless the required release or replacement agreement exists. A novation substitutes a new obligation or party with the necessary agreement. In a practice scenario, look specifically for consent and release rather than assuming assignment ends responsibility.
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Discussion prompt: Where does the example say the original party was released?