Examlex
Which of the following would not be considered an initiation ceremony?
Equitable Assignment
An equitable assignment is the assignment or transfer of rights or interests in a property or contract to another party, recognized by equity and not necessarily by law.
Privity of Contract
A principle stating that only the parties involved in the contract have the rights and obligations under that contract.
Novation
The act of replacing an existing obligation with a new one, thereby extinguishing the original contract and creating a new agreement.
Statutory Assignment
refers to the legal transfer of rights from one party to another, based on statutory laws rather than contractual agreement.
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