Which statement is TRUE regarding the assignment of contracts?

The statement that contracts are assignable unless the contract specifically prohibits assignment is accurate because, in general legal practice, assignments are permissible unless there is a specific clause within the contract that restricts or prohibits them. This means that parties have the freedom to transfer their rights and obligations to another individual or entity unless they have agreed otherwise within the terms of the contract.

This principle supports the flexibility of contractual relationships, allowing parties to assign contracts to third parties to help manage their obligations or take advantage of certain opportunities. It reflects the understanding that business needs can change and that transferring rights can be necessary to adapt to those changes.

The other options present misconceptions about the nature of contract assignments. For instance, the idea that assigned contracts make the assignee solely liable in the event of breach does not account for the original party's continuing obligations unless explicitly released. Similarly, stating that contracts may not be assigned without the seller's permission suggests a restriction that is not universally applicable without a specific contractual clause. Lastly, transferring all rights and obligations to a third party is not entirely correct since the original party to the contract may still retain liability unless there is a clear release from those obligations.