What is true about gratuitous assignments in contract law?

Gratuitous assignments refer to the transfer of rights from one party to another without any consideration or payment involved. The statement that they can be done either orally or in writing accurately reflects the flexibility of contractual agreements under contract law. While written documentation is typically encouraged to create clarity and proof of the assignment, it is not an absolute requirement for gratuitous assignments to be valid. Therefore, such assignments can effectively be completed through verbal agreements as well, as long as the terms are clear to both parties.

The other statements regarding gratuitous assignments either misunderstand the nature of such assignments or misstate legal principles. For instance, the idea that they are always irrevocable or cannot be revoked under any circumstances does not hold true, as the assignor may retain the right to revoke the assignment before it is accepted by the assignee. Additionally, the notion that consideration is required for validity conflicts with the definition of gratuitous assignments, which by nature lack consideration.