Tickets may have either of the following restrictions.
Nontransferable. A nontransferable ticket can be used only by the passenger whose name appears on the face of the ticket. If the names on the passenger's ID and on the ticket do not match, the airline can confiscate the ticket. If a ticket is nontransferable but refundable, however, you may be able to cash in the old ticket and buy a new one with the new passenger's name.
Nonrefundable. If you have a nonrefundable ticket, you cannot get your money back if you decide not to travel. But each airline has exceptions. If you cannot make a flight for which you have a nonrefundable ticket, you may be able to apply the ticket toward a future flight or exchange it for credit toward future travel. If the fare has dropped on a flight for which you have a nonrefundable ticket, you may be able to get reticketed. In either situation, you will probably have to pay a fee to make the change.
Penalties. Often, there are penalties for canceling or making other changes.