In the context of assignment of contracts, what does 'Equitable Assignment' imply?

Equitable Assignment implies an assignment of rights or benefits arising from a contract that may not adhere to the strict legal requirements for enforceability but is nonetheless recognized and enforceable in equity. This type of assignment does not require a formal written document or the consent of the original party to the contract, which differentiates it from a legal assignment. Instead, equitable assignments are concerned with fairness and justice, allowing a party to claim benefits even if they haven't followed all legal formalities.

This concept often applies in situations where someone has an agreement's benefits but has not completed all necessary steps to formally transfer those rights. Even while the assignment might lack some of the legal prerequisites usually required for enforceability, a court of equity could recognize it if it meets certain criteria, such as the intent of the parties involved.

The other choices do not accurately represent the concept of equitable assignment. A formal assignment documented in writing pertains to legal assignments that need to meet statutory requirements. Rights that can only be assigned in contract law implies restrictions that don’t apply to the broader equitable principle. Lastly, the reference to public policy goals does not directly relate to the nature of equitable assignments, which focus more on the recognition of rights rather than policy implications.