What is the assignment of a contract?

The assignment of a contract refers to the process where one party, known as the assignor, transfers their rights and obligations under a contract to another party, called the assignee. This transfer encompasses the assignor's rights to receive benefits or payments as dictated by the original contract, but does not necessarily include the obligations associated with those rights unless specified.

In the context of this question, the correct choice highlights the essence of an assignment, which focuses on the transfer aspect of contractual rights. When a contract is assigned, the original party still remains responsible for the performance under the contract unless the non-assigning party agrees to release them from those obligations.

The other choices do not accurately depict the concept of assignment. Substitution of one party for another in an agreement describes a novation, which involves replacing one contractual party with another entirely, rather than just transferring rights. Disclosure of property conditions by the seller relates to real estate transactions and is not relevant to contract assignment. Lastly, failure to meet one or more terms of a contract refers to breach of contract, which is a different legal concept entirely.