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Definition
| The state of two specified parties being in a contract |
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Definition
| The transfer of contractual rights by an obligee to another party |
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Definition
| Abligee who transfers a right |
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Definition
| A party to whom the right has been transferred |
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Definition
| A clause that prohibits the assignment of rights under the contract |
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Definition
A trasnfer of contracutal duties by an obligor to another party for performance
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| An obliger who has transferred their duty |
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| A party to whom a duty has been transferred |
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Definition
| A situation in which a delegation of duties contains the term assumption, "I assume the duties" or other similar language. In such a clause, the delagatee is leaglly liable to be the obligee for non-performance |
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Definition
| A clause that prohibits the delegation of duties under contract |
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Term
| Intended 3rd Party Beneficiary |
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Definition
| A 3rd party who is not in privity of contract but who has rights under the contract and can enforce the contract against the promissor |
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Term
| Donee Beneficiary Contract |
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Definition
| A contract entered into with the intent to confer a benefit or gift on an intended 3rd party |
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Term
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Definition
| A 3rd party to whom a benefit is to be confered |
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Term
| Predator Beneficiary Contract |
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Definition
A contract that arises in the fallen situation;
1. A debator borrows money
2. The debator signs an agreement to pay back the money plus interest
3. The debator sells the item to 3rd party before the loan is paid off
4. The 3rd party promisses the debator that they will pay the remainder of the loan to the creditor |
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Term
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Definition
| An original creditor who becomes a beneficiary to under the debators new contract with another party |
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Term
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Definition
| A party who is unintentionally benefitted by other people's contracts |
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Term
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Definition
| An unconditonal promise to perform |
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Term
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Definition
A qualification of promise that becomes a convenant if it is met there are 3 types of conditions
1. Conditions Precedent
2. Conditions Subsequent
3. Concurrent Conditions |
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Term
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Definition
| A condition that requires the occurance of an event before a party is obligated to perform a duty under a contract |
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| Personal Satisfaction Test |
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Definition
| A suggestive test that applies to the contract involving personal taste and comfort |
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Term
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Definition
| An objective test that applies to comercial contracts and contracts involving mechanical fitness |
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Term
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Definition
| A condition whose occurance or non-occurence of a specific event automatically excuses performance of an existing contractual duty to perform |
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Definition
| A condition that exists when the parties to a contract must render performance simultaneously; each party's absolute duty to perform is conditioned on the other party's absolute duty to perform |
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Definition
| A condition that can be implied from the circumstances surrounding a contract and the parties' conduct |
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Definition
| An agreement that subsitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract (aka novation) |
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Term
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Definition
| The settlement of a contract |
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Term
| Impossibility of Performanc |
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Definition
| Nonperformance that is excused if a contract becomes impossible to perform. It must be objective impossibility, not subjective |
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Term
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Definition
| A clause in a contract in which the parties specify certain events that will excuse nonperformance |
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Term
| Commercial Impracticability |
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Definition
| Nonperformance that is excused if an extreme or unexpected development or expense makes it impractical for the promisor to perform |
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Term
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Definition
| A statute that establishes the time period during which a lawsuit must be brought; if the lawsuit is not brought within this period, the injured party loses the right to sue |
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