Ba-18: Chapter 13

Front 1

Incidental beneficiary

Back 1

The third person is not necessarily expected to receive any benefits under the contract

Front 2

Third-party beneficiary

Back 2

Persons who immediately receive rights in a contract to which they are not partied are called third party beneficiaries

Front 3

Intended beneficiaries

Back 3

The third person is expected to receive the benefits under the contract they may be able to enforce contract if the intended benefits are not conferred on them. The legal requirement for an intended beneficiary is at least one of the Contracting parties usually the promisee intend you do have good delivery two or Services performed for the third party the third party may not necessarily deserve these goods or services

Front 4

Promisor

Back 4

May also be called an obligor

Front 5

Promisee

Back 5

Maybe called and obligee

Front 6

Examples of third-party beneficiaries and businesses that focus on them for profit

Back 6

Flores, seen telegram companies, mail-order companies, fruit baskets, and life insurance companies

Front 7

Beneficiaries

Back 7

Expected to receive the benefits under the contract

Front 8

Insureds

Back 8

Are persons or entities whose lives are property are covered under an insurance policy

Front 9

Donee beneficiary

Back 9

An example of the an insurance company is a promise or to the insured say the husband who is the promise e the contract is fulfilled is a gift to the promises wife the third party.

If the promisee means to make a gift to the third party the third party is a donee beneficiary

Front 10

Creditor beneficiary

Back 10

Is the third party who is entitled to Performance because the promise he owes him or her a contractual Duty. Students are creditor beneficiaries because the college owes them a legal duty to provide academic instruction in exchange for the payment of tuition and fees

Front 11

Vested interest

Back 11

If the beneficiary is accepted the contract the beneficiary has a vested interest in it. A vested interest is a fixed interest or right to something even though actual possession may be postponed until later

Front 12

Mortgage insurance

Back 12

Is insurance I will provide funds to pay the mortgage balance on a Home if the insured dies

Front 13

in analyzing a situation involving potential third-party what question should be address

Back 13

Was additional person involved from the beginning or that person added later

Did the promisee and tend to benefit the third party or was it an accident

Was the Primacy making a gift to third-party or was the Primacy fulfilling a contract obligation to the third party

Front 14

Contractual rights

Back 14

Are the part of the contract a person is entitled to receive

Front 15

Contractual duties

Back 15

The parts of the contract a person is obligated to give

Front 16

Assignments

Back 16

Assignments occur when a person transfers a contractual right to someone else. The transfer or it's called the assignor and the recipient is called the assignee

Front 17

Assignor

Back 17

The transfer or. The assign or gives up the contractual right to the other party.

Front 18

Assignee

Back 18

The recipient the assignee is the only party entitled to them

Front 19

Extinguished

Back 19

Transferred from the assign or the assignors rights has been extinguished and now belongs exclusively to the assignee

Front 20

Consideration

Back 20

consisting of a bargained for Exchange in a legal detriment for both parties, is not required in order to have a valid assignment. The assignee not need give up consideration exchange for the contract right consideration is generally present the existence of consideration affects the legal relationship between a sign or and the signing that relationship can be either a contract or a gift

Front 21

American rule or the first end time approach

Back 21

The first of the series is based on the principle that the first assignee to receive the assignment receives all the rights. After the first assignments in made, the assignor is nothing left to assign to later assignees.

Front 22

The English rule or the first to give notice approach

Back 22

The rule that the first decided to actually give notice to the promise or it receives the right. It is followed in California, Florida, and a few other states.

Front 23

Waiver of defense's clause

Back 23

A waiver of Defense clause and it contracts attempts to give the assignee better legal rights than the assignor had. Often such a clause is part of a standard printed contract prepared by the assignee or sign or and signed by the promisor.

Front 24

Delegation

Back 24

The promise or locate Sanu promise or to perform the duties under the contract. The original promise or it's called the delegate or and the new promise or is called the delegatee.

Front 25

Delegator

Back 25

The original promissor.

Front 26

Delegatee

Back 26

The new promisor.

Front 27

Promissory estoppel

Back 27

The doctrine used to enforce a gift promised based on the justifiable Reliance of the promisee

Front 28

Personal service contracts

Back 28

There shall be no delegating in the court will not recognize it if the service is deemed to be done by only that person

Front 29

Summary

Back 29

An additional person he was involved in a contract from the beginning maybe a third-party beneficiary.

If the promise or or promise cement to affect the third person, that person will be an intended beneficiary and will have enforceable rights under the contract. Intended beneficiaries can file lawsuits to protect their legal rights.

The promise or work and said stressful use the same defenses against the intended beneficiary that would be valid against the promise e.

Creditor beneficiaries can sue a promisee based on their agreement. Dhoni beneficiaries generally will not be successful in a suit against the promisee because the donee beneficiary did not receive the promise gift.

If the additional person receives benefit as an unintended consequence of person is an accidental beneficiary. An incidental beneficiary has no legal and forcible rights.

An additional party who becomes involved after the contract is formed maybe an assignee or a delegate T.

An assignee receives the contract right from the transfer.An assignment. Performance under the contract about the assignment. The sign he is better protected if he or she does not give notice especially if the assignor makes multiple assignments of the same contract right.

In a delegation a delegate T assumes the transfers obligation to perform the contract. The delegator will still be obligated to perform if he does not.

Generally course will respect contract Clauses that states that there shall be no delegations.

Front 30

Novation

Back 30

Novation, in contract law and business law, is the act of either: replacing an obligation to perform with another obligation; or. adding an obligation to perform; or. replacing a party to an agreement with a new party.