Term
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Definition
| contractual parties who agreed to do something for the other party |
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Term
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Definition
| contractual parties who agreed to receive something from the other party |
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Term
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Definition
| occurs when a party to a contract transfers her rights to a contract to a third party |
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Term
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Definition
| parties other than the contracting parties |
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Term
| rights that cannot be assigned |
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Definition
-rights that are personal in nature
rights whose assignments would increase the obligors risk or duties
-rights who assignment is prohibited by contract
-rights whose assignment is prohibited by law or public policy |
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Term
| first assignment in time rule |
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Definition
| the first party granted the assignment is the party correctly entitled to the contractual right to the contract |
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Term
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Definition
| the first assignmee to give notice of assignment to the obligor is the party with rights to the contract. |
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Term
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Definition
| occurs when a party to a contract transfer her dury to perform to a third party who is not part of the original contract |
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Term
| Duties that cannot be assigned |
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Definition
-duties that are personal in nature
-duties for which the delegatee's performance will vary significantly from the delegator
-duties in contrats that forbid delegations |
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Term
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Definition
| created when two parties ento into a contract with the intended end purpose of benefitting a third party. |
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Term
| two ways in which third parties may obtain rightsx or duties to a contract |
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Definition
| delegations and assignments |
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Term
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Definition
| a third party to a contract whom the contracting parties intended to benefit directly from their contract. |
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Term
| Promisor (in a 3rd party beneficiary contract) |
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Definition
| the party to the contract who made the promise that benefits the third party |
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Term
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Definition
| the party to the contract who owes something to the promisor in exchange for the promise made to the third party beneficiary. |
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Term
| Types of intended beneficiaries |
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Definition
| creditor beneficiary and Donee beneficiary |
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Term
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Definition
| a third pary that benefits from a contract in which the promisor agrees to pay the promisee's debt. |
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Term
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Definition
| third parties who benefit from a contract in which a promisor agrees to give a gift to a third party. (ex:life insurance) |
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Term
vest
(ex: until the contract vest) |
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Definition
| the maturing of rights such that a party can legally act on the rights. (life insurance policy do not vest until the promisee's death) |
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Term
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Definition
| one who unintentionally gains a benefit from a contract between other parties. |
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