Term
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Definition
| contractual parties who agreed to do something for the other party |
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Term
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Definition
| contractual parties who agreed to receive something from the other party |
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Term
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Definition
| occurs when a party transfers her rights to receive something under the contract to a third party |
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Term
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Definition
• Fills in for the assignor as the legal recipient of the contractual duties, and thereby acquires the same rights
• Assignee must agree to accept the assigned rights |
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Term
| Rights which cannot be accepted for assignment |
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Definition
• Rights that are personal in nature
• Rights whose assignment would increase the obligor’s risk or duties
• Rights whose assignment is prohibited by contract
• Rights whose assignment is prohibited by law or public policy |
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Term
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Definition
| first assignee to give notice of assignment to the obligor is the party with rights to the contract |
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Term
| First-assignment-in-time-rule |
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Definition
| gives contractual rights to the first party granted in the assignment |
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Term
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Definition
| Occurs when a party (delegator) transfers her duty to perform to a third party (delagatee) who is not part of the original contract |
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Term
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Definition
| when two parties enter a contract with the purpose of benefiting a third party |
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Term
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Definition
Third party that benefits from a contract in which the promisor agrees to pay the promisee’s debt
(strongest legal position for a beneficiary) |
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Term
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Definition
Third party who benefit from a contract in which a promisor agrees to give a gift to the third party
(second-strongest beneficiary, legally) |
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Term
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Definition
| maturation of rights so that one can legally act on them |
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