Third-Party Rights and Discharge
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| show | Privity of Contract
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| The transfer of contractual rights its called? | show 🗑
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| The party who owes a duty of performance is called what? | show 🗑
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| A party who is owed under a contract is called what? | show 🗑
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| An obligee who transfers the rights to receive performance is called what? | show 🗑
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| show | Assignee
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| The assignee in a contract rights transfer can again transfer the rights to a person called what? | show 🗑
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| show | 1) the assignment has been made 2) performance must be rendered to the assignee
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| If the assignee fails to provide this to the obilgor, the obligor may continue to render performance to the assignor, who no longer has a right to it | show 🗑
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| Some contracts contain this that prohibits the assignment of rights under the contract | show 🗑
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| show | approval clause
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| Unless otherwise agreed, the parties to a contract can generally transfer the performance of their duties under the contract to other parties. This transfer is called what? | show 🗑
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| An obligor who transfers his or her duty is called what? | show 🗑
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| show | delegetee
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| What are two situations where a duty of contract cannot be transferred? | show 🗑
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| Sometimes a contract contains this that allows the obligee to sue the delegatee and recover damages. | show 🗑
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| show | Anti-delegation clause
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| show | assignment and delegation
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| When parties enter into a contract, they can agree that the performance of one of the parties should be rendered to or directly benefit a third party | show 🗑
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| This is a contract when a person enters into it with the intent to confer a benefit or gift on an intended third party this is called what? | show 🗑
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| show | Promisee
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| This is the person who agrees to confer performance for the benefit of the third person. | show 🗑
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| This person is the third party in a donee beneficiary contract to whom the benefit is to be conferred. | show 🗑
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| This is a contract where a third party buys the debt from another obligee, and promises the obligor to pay the original obligee the amount owed. | show 🗑
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| show | creditor beneficiary
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| show | incidental beneficiary
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| show | Covenant
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| This type of contractual promise is not as definite as a covenant. | show 🗑
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| show | Condition
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| show | condition precedent
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| show | personal sanctification test
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| This is an objective test that is used to judge contracts involving mechanical fitness and most commercial contracts. | show 🗑
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| This exists when there is a condition in a contract which provides that the occurrence or nonoccurrence of a specific event automatically excuses the performance of an existing duty to perform. | show 🗑
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| This arises when the parties to a contract agree to render performance simultaneously. | show 🗑
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| This condition arises if the parties expressly agree on it. | show 🗑
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| This is a condition that can be implied from the circumstances surrounding an contract and the parties conduct. | show 🗑
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| show | discharge
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| this requires parties to enter into a second agreement that expressly terminates the first one. | show 🗑
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| show | substituted contract
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| show | Novation agreement
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| This is an agreement whereby the parties agree to accept something different in satisfaction of the original contract. | show 🗑
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| this occurs if a contract becomes impossible to perform. | show 🗑
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| The parties may agree in a contract that certain events will excuse nonperformance of the contract. These are called what? | show 🗑
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| show | commercial impracticability
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| show | discharge
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Created by:
rogue2281