There is a not so subtle difference. The Give Way vessel is obligated to give way, however the stand on vessel is obligated to take action to avoid a collision, it has no "right" to stand on. It must give way if the other vessel does not.
A right implies something that can not be taken away, i.e., the right to free speech or freedom of the press. Vessels have no rights, only obligations to avoid collisions.
As I understand the law, if there is an accident and the give way vessel did not give way and the stand on vessel had time and room to avoid the accident but didn't, the stand on vessel is liable for the accident.