An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee. It can also be a transfer of a benefit, including an equitable interest, according to established rules (at Common Law or in Equity). The rights may be vested or contingent. The details of the assignment determines some additional rights and liabilities (or duties).