assignment meaning definition

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Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “ assignee .”   This concept is used in both contract and property law.  The term can refer to either the act of transfer or the rights /property/benefits being transferred.

Contract Law   

Under contract law, assignment of a contract is both: (1) an assignment of rights; and (2) a delegation of duties , in the absence of evidence otherwise.  For example, if A contracts with B to teach B guitar for $50, A can assign this contract to C.  That is, this assignment is both: (1) an assignment of A’s rights under the contract to the $50; and (2) a delegation of A’s duty to teach guitar to C.  In this example, A is both the “assignor” and the “delegee” who d elegates the duties to another (C), C is known as the “ obligor ” who must perform the obligations to the assignee , and B is the “ assignee ” who is owed duties and is liable to the “ obligor ”.

(1) Assignment of Rights/Duties Under Contract Law

There are a few notable rules regarding assignments under contract law.  First, if an individual has not yet secured the contract to perform duties to another, he/she cannot assign his/her future right to an assignee .  That is, if A has not yet contracted with B to teach B guitar, A cannot assign his/her rights to C.  Second, rights cannot be assigned when they materially change the obligor ’s duty and rights.  Third, the obligor can sue the assignee directly if the assignee does not pay him/her.  Following the previous example, this means that C ( obligor ) can sue B ( assignee ) if C teaches guitar to B, but B does not pay C $50 in return.

            (2) Delegation of Duties

If the promised performance requires a rare genius or skill, then the delegee cannot delegate it to the obligor.  It can only be delegated if the promised performance is more commonplace.  Further, an obligee can sue if the assignee does not perform.  However, the delegee is secondarily liable unless there has been an express release of the delegee.  That is, if B does want C to teach guitar but C refuses to, then B can sue C.  If C still refuses to perform, then B can compel A to fulfill the duties under secondary liability.

Lastly, a related concept is novation , which is when a new obligor substitutes and releases an old obligor.  If novation occurs, then the original obligor’s duties are wiped out. However, novation requires an original obligee’s consent .  

Property Law

Under property law, assignment typically arises in landlord-tenant situations.  For example, A might be renting from landlord B but wants to another party (C) to take over the property.   In this scenario, A might be able to choose between assigning and subleasing the property to C.  If assigning , A would be giving C the entire balance of the term, with no reversion to anyone whereas if subleasing , A would be giving C for a limited period of the remaining term.  Significantly, under assignment C would have privity of estate with the landlord while under a sublease, C would not. 

[Last updated in May of 2020 by the Wex Definitions Team ]

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Assignments

• by teachmint@wp

What is assignment in education? Assignment meaning is the tasks given to students by their teachers and tutors to complete in a defined time. They can also be referred to as the work given to someone as a part of learning. Assignments can be in the form of written, practical, art or fieldwork, or even online. Their purpose is to ensure that students understand the subject matter thoroughly.

Generally, students are assigned a task as a part of their homework. The allocation of assignments is not only restricted to a class or subject but this method can be applied at any stage of life. They are a great way to judge the ability and understanding of an individual towards a subject matter.

The culture of providing homework starts from kindergarten in various forms. Small children are asked to read and write what they learn in the class. Students in the higher class are given work as a part of their revision exercise and help them prepare for exams. Individuals doing honors write journals as a part of an assignment that determines their knowledge in that subject.

The structure of assignments depends upon the nature of the task and subject. They must be well-researched, including case studies or examples within a proper framework. These studies are useful for students to achieve the desired examination results. It also helps them to concentrate better on education. Knowing what is assignment in education helps teachers assess students better.

Importance of Assignments

Giving assignments to the students is a crucial part of student assessment. The importance of giving assignments to the students is discussed in detail below:

• Learning practical skills Assignments enable students to develop new skills. In order to complete the assignments, students learn new skills which help them in their academic careers. 
• Enhances time management skills Whenever assignments are allocated to the students, a time limit is set by teachers within which the assignment has to be submitted. What is assignment in education enable students to complete their tasks and learn timely submission of work. 
• Learning researching skills Students tend to do a lot of research about the questions given in the assignment. Assignment meaning is to help them develop their research skills and come in handy in their future careers. 
• Enhance the Writing Caliber Many students have a problem of not being able to put their thoughts into words. Writing assignments can help them develop writing skills and be expressive in real life as well. 

Since assignments are deadline-based, they help students take responsibility and manage time. The work assigned to students may be individual or group activities, or both, to develop teamwork in them. 

The above-mentioned information gives us a context of assignment meaning and its importance to the students. Assignments provide a basis for the student assessment and should be given timely.  

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• Options and Derivatives
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Assignment: Definition in Finance, How It Works, and Examples

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

What Is an Assignment?

Assignment most often refers to one of two definitions in the financial world:

• The transfer of an individual's rights or property to another person or business. This concept exists in a variety of business transactions and is often spelled out contractually.
• In trading, assignment occurs when an option contract is exercised. The owner of the contract exercises the contract and assigns the option writer to an obligation to complete the requirements of the contract.

Key Takeaways

• Assignment is a transfer of rights or property from one party to another.
• Options assignments occur when option buyers exercise their rights to a position in a security.
• Other examples of assignments can be found in wages, mortgages, and leases.

Uses For Assignments

Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, or other asset of value. to another entity through a written agreement.

Assignment rights happen every day in many different situations. A payee, like a utility or a merchant, assigns the right to collect payment from a written check to a bank. A merchant can assign the funds from a line of credit to a manufacturing third party that makes a product that the merchant will eventually sell. A trademark owner can transfer, sell, or give another person interest in the trademark or logo. A homeowner who sells their house assigns the deed to the new buyer.

To be effective, an assignment must involve parties with legal capacity, consideration, consent, and legality of the object.

A wage assignment is a forced payment of an obligation by automatic withholding from an employee’s pay. Courts issue wage assignments for people late with child or spousal support, taxes, loans, or other obligations. Money is automatically subtracted from a worker's paycheck without consent if they have a history of nonpayment. For example, a person delinquent on $100 monthly loan payments has a wage assignment deducting the money from their paycheck and sent to the lender. Wage assignments are helpful in paying back long-term debts.

Another instance can be found in a mortgage assignment. This is where a mortgage deed gives a lender interest in a mortgaged property in return for payments received. Lenders often sell mortgages to third parties, such as other lenders. A mortgage assignment document clarifies the assignment of contract and instructs the borrower in making future mortgage payments, and potentially modifies the mortgage terms.

A final example involves a lease assignment. This benefits a relocating tenant wanting to end a lease early or a landlord looking for rent payments to pay creditors. Once the new tenant signs the lease, taking over responsibility for rent payments and other obligations, the previous tenant is released from those responsibilities. In a separate lease assignment, a landlord agrees to pay a creditor through an assignment of rent due under rental property leases. The agreement is used to pay a mortgage lender if the landlord defaults on the loan or files for bankruptcy . Any rental income would then be paid directly to the lender.

Options Assignment

Options can be assigned when a buyer decides to exercise their right to buy (or sell) stock at a particular strike price . The corresponding seller of the option is not determined when a buyer opens an option trade, but only at the time that an option holder decides to exercise their right to buy stock. So an option seller with open positions is matched with the exercising buyer via automated lottery. The randomly selected seller is then assigned to fulfill the buyer's rights. This is known as an option assignment.

Once assigned, the writer (seller) of the option will have the obligation to sell (if a call option ) or buy (if a put option ) the designated number of shares of stock at the agreed-upon price (the strike price). For instance, if the writer sold calls they would be obligated to sell the stock, and the process is often referred to as having the stock called away . For puts, the buyer of the option sells stock (puts stock shares) to the writer in the form of a short-sold position.

Suppose a trader owns 100 call options on company ABC's stock with a strike price of $10 per share. The stock is now trading at $30 and ABC is due to pay a dividend shortly. As a result, the trader exercises the options early and receives 10,000 shares of ABC paid at $10. At the same time, the other side of the long call (the short call) is assigned the contract and must deliver the shares to the long.

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assignation

Definition of assignation

• appointment

Examples of assignation in a Sentence

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'assignation.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

15th century, in the meaning defined at sense 1

Dictionary Entries Near assignation

assigned risk

Cite this Entry

“Assignation.” Merriam-Webster.com Dictionary , Merriam-Webster, https://www.merriam-webster.com/dictionary/assignation. Accessed 23 Jun. 2024.

More from Merriam-Webster on assignation

Nglish: Translation of assignation for Spanish Speakers

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Meaning of assign in English

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assign verb [T] ( CHOOSE )

• Every available officer will be assigned to the investigation .
• The textbooks were assigned by the course director .
• Part of the group were assigned to clear land mines .
• Each trainee is assigned a mentor who will help them learn more about the job .
• We were assigned an interpreter for the duration of our stay .
• accommodate
• accommodate someone with something
• administration
• arm someone with something
• be good for something idiom
• hand something around
• hand something back
• hand something down
• hand something in
• put something on
• re-equipment
• reassignment

You can also find related words, phrases, and synonyms in the topics:

assign verb [T] ( SEND )

• She was assigned to the Paris office .
• All the team were assigned to Poland.
• advertisement
• employment agency
• recruitment drive
• reinstatement
• relocation expenses

assign verb [T] ( COMPUTING )

• 3-D printing
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• additive manufacturing
• hexadecimal
• hill climbing
• telerobotics
• word processing

assign verb [T] ( GIVE LEGALLY )

Phrasal verb, assign | american dictionary, assign | business english, examples of assign, translations of assign.

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a person who is able to work effectively without regularly needing to be told what to do

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• assign (CHOOSE)
• assign (SEND)
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