Legal Question in Real Estate Law in New Jersey

As a general rule of contracting, a party's rights under a contract are assignable unless the contract says otherwise or if the nature of the contract is such that assignment is clearly not the intention of the parties. For example, a contract for personal services is not assignable by the one performing the services. The same is true for a contract to extend credit. Residential real estate contracts are generally not assignable but only because they contain a no-assignment clause. A real estate contract where the seller is taking back a mortgage would not generally be assignable.

Absent a release, assignment does not relieve the original contracting party from its obligations under the contract. The other party has the right to demand performance (byf the assignee) and to sue the original contracting party if there is a breach.

See also: http://info.corbettlaw.net/lawguru.htm