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17 Cards in this Set
- Front
- Back
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Third party beneficiary |
A third party beneficiary is someone who was not a party to the contract but stands to benefit from it. |
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Promisor |
The party who makes the promise that a third party seeks to enforce |
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Promisee |
The party to whom the promise is made. |
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Intended beneficiary |
Someone who may enforce a contract between two other parties. The intended beneficiary is written into the contract as someone the promisor and promisee created the contract with the intention of including into the terms of the contract. |
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Incidental beneficiary |
Someone who might have benefited from a contract between two others but has no right to enforce that agreement. A pizza store is an intended beneficiary of a contract between the city and contractors to construct a new sports stadium. |
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Creditor beneficiary |
When the beneficiary is the creditor of the promisor and the promisor creates a contract with the intention of fulfilling some duty to the creditor. |
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Donee Beneficiary |
The promisee if making a gift to the third party as a part of the contract. |
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Assignment |
Transferring contract rights. |
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Delegation |
Transferring contract duties. |
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Obligor |
The one obligated to do something. |
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Obligee |
The one whom an obligation is due. |
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Assignable rights |
Any contractual right may be assigned unless assignment: 1) would substantially change the obligor's right or duties under the contract, or 2) is forbidden by law or public policy; or 3) is validly precluded by the contract itself. |
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Gratuitous assignment |
An assignment made as a gift, for no consideration. This type of assignment is generally revocable if it's oral, and generally irrevocable if it's written. |
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Novation |
A three-way agreement in which the obligor transfers a right and duties to a third party. |
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Can a person assign his or her claims to a personal injury case to another person? |
No. Assignments of personal injury claims are contrary to public policy and will not be enforced. |
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Assignor Warranty |
Unless the parties expressly agree to exclude them, the assignor warrants that: 1) The rights he is assigning actually do exist 2) there are no defenses to the rights other than those that would be obvious, like nonperfornace. The assignor does not warrant that the obligor is solvent or has the money to pay. |
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Security Interest |
A legal right in personal property that assures payment. |
