What does assignable contract mean?

assignable contract meaning in Law Dictionary

contract enabling an owner to provide legal rights or responsibilities to a new owner. The new owner will also get any advantages before contract close. Exchange traded agreements aren't assignable.

assignable contract meaning in Business Dictionary

Contract which include a clause which allows owner to give the legal rights and responsibilities to a different owner, that will also get any advantages under the agreement before it closes. Most trade traded agreements aren't assignable.