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10 Cards in this Set
- Front
- Back
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person who is receiving the duty |
obligee |
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the person who must fulfill the duty |
obligor |
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party assigning the rights |
assignor |
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party receiving the rights |
assignee |
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The first assignment made takes priority over any subsequentassignment; and |
the majority rule |
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The first assignment recorded or otherwise made known to the obligortakes priority – even over an assignment made before it. |
the english rule |
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A third party for whose benefit acontract is formed. |
intended beneficiary |
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A third party who benefits from a contract in which the promisorpromises to pay a debt owed by the promisee to the third-party beneficiary. |
creditor beneficiary |
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A third party for whose benefit a contract was made whereby thepromisor promised the promisee to make a gift to the third-party beneficiary. |
donee beneficiary |
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A third party whobenefits from the performance of a contract, but whose benefit was not thereason the contract was formed. |
Incidental Beneficiary: |
