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Chpt 19 Third-party

Kubasek Dynamic business Law Chapter 19

QuestionAnswer
assignee In a contract, the party who receives the rights of another party (assignor) to collect what was contractually agreed on in the original contract.
assignor In a Contract, the party who transfers his or her rights to a contract to a third party (an Assignee), giving the assignee the right to collect what was contractually agreed on in the original contract.
assignment is the transfer of rights under a contract to a third party.
Creditor beneficiary is a third-party who benefits from a contract in which the promisor agrees to pay the promisee's debt.
Donee beneficiary is a third party who benefits from a contract in which a promisor agrees to give a gift to the third party.
Vesting is the maturing of rights such that a party can legally act on the rights.
promisor is the party to a contract who made the promise that benefits the third party.
promisee is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.
Contractual duties that cannot be assigned: 1. Duties personal in nature 2. Duties resulting in performance substantially different from that which the obligee originally contracted. 3. Duties in a contract that expressly forbids delegation.
Delegation Is the transfer of a duty under a contract to a third party.
Delegator is the party to a contract who transfers his or her duty to a third party.
delegatee is the party no in privity to a contract who is the recipient of a transfer of duty to a contract.
intended beneficiary is a third party to a contract whom the contracting parties intended to benefit directly from their contract.
incidental beneficiary is a third party who unintentionally gains a benefit from a contract between other parties.
Contractual rights that cannot be assigned 1. Rights that are personal in nature 2. Rights that would increase the obligor's risks or duties. 3. Rights in a contract that expressly forbids assignment.
Obligor is a contractual party who owes a duty to the other party in privity of the contract and now must instead perform for a third party.
obligee is a contractual party who is owed a duty from the other party in privity of the contract and now will receive performance from a third party.
English rule A rule which states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract.
First-assignment-in-time Rule A rule which states that the first party granted an assignment is the party correctly entitled to the contractual right.
Third-party beneficiary A recipient of contractual benefits who is not one of the contracting parties; created when two parties enter into a contract with the intended purpose of benefiting a third party.
Created by: tinafici