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B Law Unit 2 Ch 13

TermDefinition
privity of contract The relationship that exists between the promisor and the promisee of a contract.
assignment The transfer to another of all or part of one’s rights arising under a contract.
assignor A party who transfers (assigns) his rights under a contract to another party (called the assignee).
assignee A party to whom rights under a contract are transferred, or assigned.
obligee One to whom an obligation is owed.
obligor One who owes an obligation to another.
alienation The transfer of land out of one’s possession (thus ---ing the land from oneself).
delegation of duties The transfer to another of all or part of one’s duties arising under a contract.
delegator A party who transfers (delegates) his obligations under a contract to another party (called the delegatee).
delegatee A party to whom contractual obligations are transferred, or delegated.
third party beneficiary One for whose benefit a promise is made in a contract but who is not a party to the contract.
intended beneficiary A third party for whose benefit a contract is formed. Can sue the promisor if the contract is breached.
incidental beneficiary A third party who benefits from a contract even though the contract was not formed for that purpose. Has no rights in the contract and cannot sue to have it enforced.
discharge The termination of an obligation, such as occurs when the parties to a contract have fully performed their contractual obligations.
performance The fulfillment of one’s duties under a contract—the normal way of discharging one’s contractual obligations.
condition A qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties.
condition precedent A condition in a contract that must be met before a party’s promise becomes absolute.
condition subsequent A condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform.
concurrent conditions Conditions that must occur or be performed at the same time—they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
tender An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so.
breach of contract The failure, without legal excuse, of a promisor to perform the obligations of a contract.
anticipatory repudiation An assertion or action by a party indicating that he will not perform a contractual obligation.
novation The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
impossibility of performance A doctrine under which a party to a contract is relieved of his duty to perform when performance becomes objectively impossible or totally impracticable.
commercial impracticability A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could control or contemplate at the time the contract was formed.
frustration of purpose A court-created doctrine under which a party to a contract will be relieved of his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party’s control).
Created by: leighg2011