In business contracts, assignment refers to transferring an agreement's rights, obligations, and property to another party. For example, most commercial tenancy agreements include a clause allowing the tenant to assign their lease to a third party, and that third party becomes the new tenant.
Example: A common example of the solemnity of contract is a real estate transaction. When a buyer and seller agree to a sale, they must follow certain formalities, such as signing a contract and transferring ownership of the property.
Q1: “A person A agrees to sell his house to a person B for 50 lakh.” This is an example of: A contract.