Term
| UNDER CONCEPT OF THIRS PARTY CONTRACT WHAT ARE THE RULES IN ORDER FOR A THIRD PARTY TO BE ENTITLED TO ENFORCE A CONTRACT OF WHICH IT IS BENEFICIARY? |
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Definition
| IN ORDER FOR A THIRD PARTY TO BE ENTITLED TO ENFORCE A CONTRACT OF WHICH IT IS THE BENEFICIARY, THE PRINCIPLE PARTIES TO THE CONTRACT MUST HAVE INTENDED TO CREATE LEGALLY ENFORCEABLE RIGHTS IN THE THIRD PARTY. |
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Term
| UNDER THE DOCTRINE OF THIRD PARTY CONTRACTS, WHAT ARE THE CATEGORIES IN WHICH THIRD PARTIES POSSESSING THE RIGHT TO ENFORCEMENT FALLS? |
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Definition
THIRD PARTIES POSSESSING THE RIGHT OF ENFORCEMENT FALLS INTO TWO CATAGORIES:
1. DONEE BENEFICIARIES
2. CREDITOR BENEFICIARIES |
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Term
| WHAT IS A DONEE BENEFICARY? |
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Definition
| A DONEE BENEFICIARY IS A THIRD PARTY UPON WHOM THE PROMISEE ATTEMPTS TO CONFER A GIFT. |
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Term
| WHAT IS A CREDITOR BENEFICIARY? |
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Definition
| A CREDITOR BENEFICIARY IS THIRD PARTY TO WHOM THE PROMISEE OWES A DEBT, WHICH IS SATISFIED BY PERFORMANCE OF A PROMISE. |
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Term
| WHAT IS AN INTENDED BENEFICIARY? |
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Definition
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