Posted by hk CA on November 02, 1998 at 11:50:27:
You are correct, of course, but let me mention why I now always put those few words in all of my contracts. A few years ago I sold a L/O without the phrase, “and/or his assigns.” When the original seller found out, he got irrate and tried to sue me. Although he had no grounds, I spent many hours and many dollars to defend myself. It created doubt and apprehension with the person I assigned the contract to, as well. The seller eventually realized he was wrong and dropped the whole thing. But it was not without time and money being wasted, not to mention ill feelings. I find it better to cover my *ss from the get-go and concentrate on making money, not correcting problems. When sellers ask about the clause, I just say that I may want to transfer it into a trust for tax planning purposes or possibly to a family member at some time in the future. I’ve never had an objection to that.
People often feel like they’ve been “swindled” when they find you have done something they didn’t expect and they think you profited from their ignorance.