Term
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Definition
| voluntary transfer to a third party of the benefits arising from a contract |
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Term
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Definition
| party making an assignment |
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Term
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Definition
| party that gets the rights |
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Term
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Definition
| party owing a duty to the assignor |
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Term
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Definition
| party to whom a duty of performance is owed |
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Term
| Requirements of Assignment – |
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Definition
| include intent, but not consideration |
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Term
| Revocability of Assignment – |
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Definition
| if assignee does give consideration, assignor may not revoke the assignment without the assignee’s consent; otherwise may be revocable |
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Term
| Know the situations in which contract rights cannot be assigned |
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Definition
Assignments that materially increase the duty, risk, or burden upon the obligor
o Example: insurance rate |
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Term
| Know the situations in which contract rights cannot be assigned |
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Definition
| Assignments of personal rights |
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Term
| Know the situations in which contract rights cannot be assigned |
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Definition
| Assignments expressly forbidden by the contract |
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Term
| Know the situations in which contract rights cannot be assigned |
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Definition
| Assignments prohibited by law |
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Term
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Definition
| the assignee stands in the shoes of the assignor |
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Term
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Definition
| may be asserted against the assignee |
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Term
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Definition
| is not required, but advised |
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Term
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Definition
| to transfer to a third party of a contractual obligation |
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Term
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Definition
party delegating his duty to a third party
-First renter (sub-lease example) |
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Term
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Definition
third party to whom the delegator’s duty is delegated
-Second renter |
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Term
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Definition
party to whom a duty of performance is owed
-Landlord |
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Term
| Know the situations in which duties cannot be delegated |
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Definition
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Term
| Know the situations in which duties cannot be delegated |
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Definition
| Duties that are expressly non-delegable |
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Term
| Know the situations in which duties cannot be delegated |
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Definition
| Duties whose delegation is prohibited by statute or public policy |
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Term
| Know the general rule regarding a delegator’s liability after a delegation |
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Definition
| Delegator is still bound to perform original obligation, unless there is a novation or release |
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Term
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Definition
| contract, to which the obligee is a party, substituting a new promisor for an existing promisor, who is consequently no longer liable on the original contract (delegator would be off the hook) |
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Term
| third-party beneficiary contract |
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Definition
| A contract in which one party promises to render a performance to a third party |
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Term
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Definition
| a third party intended to receive a benefit from the contract as a gift |
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Term
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Definition
| a third person intended to receive a benefit from the agreement to satisfy a legal duty owed to her |
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Term
| Rights of Intended Beneficiary – |
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Definition
| an intended donee beneficiary may enforce a contract against the promisor; and intended creditor beneficiary may enforce the contract against either or both the promisor and the promisee |
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Term
| Defense Against Beneficiary – |
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Definition
| in an action by the intended beneficiary of a third party contract to enforce the promise, the promisor may assert any defense that would be available to her if the action had been brought by the promisee |
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Term
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Definition
| third party whom the two parties to the contract have no intention of benefiting by their contract; lack standing to sue and cannot enforce any rights |
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