Ontario Mortgage Agent Practice Exam

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What is defined as a transfer of rights from one party of a contract to another?

  1. Breach

  2. Assignment

  3. Material Alterations

  4. Consideration

The correct answer is: Assignment

This is because a breach is a violation of terms in a contract, not a transfer of rights. Material alterations refer to changes made to the contract after it has been signed, but do not involve the transfer of rights. Consideration is a necessary element in a contract, but it does not involve the transfer of rights. Assignment, on the other hand, is defined as a transfer of rights from one party of a contract to another. This can occur when one party assigns their duty to perform under the contract to a third party.

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