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30 Cards in this Set

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Incidental beneficiary

The third person is not necessarily expected to receive any benefits under the contract

Third-party beneficiary

Persons who immediately receive rights in a contract to which they are not partied are called third party beneficiaries

Intended beneficiaries

The third person is expected to receive the benefits under the contract they may be able to enforce contract if the intended benefits are not conferred on them. The legal requirement for an intended beneficiary is at least one of the Contracting parties usually the promisee intend you do have good delivery two or Services performed for the third party the third party may not necessarily deserve these goods or services

Promisor

May also be called an obligor

Promisee

Maybe called and obligee

Examples of third-party beneficiaries and businesses that focus on them for profit

Flores, seen telegram companies, mail-order companies, fruit baskets, and life insurance companies

Beneficiaries

Expected to receive the benefits under the contract

Insureds

Are persons or entities whose lives are property are covered under an insurance policy

Donee beneficiary

An example of the an insurance company is a promise or to the insured say the husband who is the promise e the contract is fulfilled is a gift to the promises wife the third party.


If the promisee means to make a gift to the third party the third party is a donee beneficiary

Creditor beneficiary

Is the third party who is entitled to Performance because the promise he owes him or her a contractual Duty. Students are creditor beneficiaries because the college owes them a legal duty to provide academic instruction in exchange for the payment of tuition and fees

Vested interest

If the beneficiary is accepted the contract the beneficiary has a vested interest in it. A vested interest is a fixed interest or right to something even though actual possession may be postponed until later

Mortgage insurance

Is insurance I will provide funds to pay the mortgage balance on a Home if the insured dies

in analyzing a situation involving potential third-party what question should be address

Was additional person involved from the beginning or that person added later


Did the promisee and tend to benefit the third party or was it an accident


Was the Primacy making a gift to third-party or was the Primacy fulfilling a contract obligation to the third party

Contractual rights

Are the part of the contract a person is entitled to receive

Contractual duties

The parts of the contract a person is obligated to give

Assignments

Assignments occur when a person transfers a contractual right to someone else. The transfer or it's called the assignor and the recipient is called the assignee

Assignor

The transfer or. The assign or gives up the contractual right to the other party.

Assignee

The recipient the assignee is the only party entitled to them

Extinguished

Transferred from the assign or the assignors rights has been extinguished and now belongs exclusively to the assignee

Consideration

consisting of a bargained for Exchange in a legal detriment for both parties, is not required in order to have a valid assignment. The assignee not need give up consideration exchange for the contract right consideration is generally present the existence of consideration affects the legal relationship between a sign or and the signing that relationship can be either a contract or a gift

American rule or the first end time approach

The first of the series is based on the principle that the first assignee to receive the assignment receives all the rights. After the first assignments in made, the assignor is nothing left to assign to later assignees.

The English rule or the first to give notice approach

The rule that the first decided to actually give notice to the promise or it receives the right. It is followed in California, Florida, and a few other states.

Waiver of defense's clause

A waiver of Defense clause and it contracts attempts to give the assignee better legal rights than the assignor had. Often such a clause is part of a standard printed contract prepared by the assignee or sign or and signed by the promisor.

Delegation

The promise or locate Sanu promise or to perform the duties under the contract. The original promise or it's called the delegate or and the new promise or is called the delegatee.

Delegator

The original promissor.

Delegatee

The new promisor.

Promissory estoppel

The doctrine used to enforce a gift promised based on the justifiable Reliance of the promisee

Personal service contracts

There shall be no delegating in the court will not recognize it if the service is deemed to be done by only that person

Summary

An additional person he was involved in a contract from the beginning maybe a third-party beneficiary.


If the promise or or promise cement to affect the third person, that person will be an intended beneficiary and will have enforceable rights under the contract. Intended beneficiaries can file lawsuits to protect their legal rights.


The promise or work and said stressful use the same defenses against the intended beneficiary that would be valid against the promise e.


Creditor beneficiaries can sue a promisee based on their agreement. Dhoni beneficiaries generally will not be successful in a suit against the promisee because the donee beneficiary did not receive the promise gift.


If the additional person receives benefit as an unintended consequence of person is an accidental beneficiary. An incidental beneficiary has no legal and forcible rights.


An additional party who becomes involved after the contract is formed maybe an assignee or a delegate T.


An assignee receives the contract right from the transfer.An assignment. Performance under the contract about the assignment. The sign he is better protected if he or she does not give notice especially if the assignor makes multiple assignments of the same contract right.


In a delegation a delegate T assumes the transfers obligation to perform the contract. The delegator will still be obligated to perform if he does not.


Generally course will respect contract Clauses that states that there shall be no delegations.

Novation

Novation, in contract law and business law, is the act of either: replacing an obligation to perform with another obligation; or. adding an obligation to perform; or. replacing a party to an agreement with a new party.