What is the term for an agreement that involves multiple parties and obligations can be transferred?

The term for an agreement that involves multiple parties and allows obligations to be transferred is known as "Contract Assignment." In the context of real estate, a contract assignment occurs when one party to a contract delegates their rights and obligations to another party, while still retaining some level of responsibility for the contract's fulfillment. This is particularly important in real estate transactions where a buyer may wish to transfer their right to purchase property to another individual or entity.

Contract assignments provide flexibility in transactions, enabling parties to adjust to changing circumstances or utilize third-party assistance. They must adhere to the terms specified in the original contract, which may limit or dictate the conditions under which an assignment can happen.

Covenants, while related to agreements, typically pertain to promises made in real estate deeds regarding the use of property and do not inherently involve multiple parties or the transfer of obligations. A partnership agreement is specifically a contractual relationship between two or more parties working together for a common goal, primarily in business contexts, but it does not necessarily encompass the concept of transferring obligations as broadly as contract assignments do. A joint venture involves collaboration between parties for a specific project or business activity but also does not primarily focus on the act of transferring obligations.