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law chapter 17 – Flashcards

Edwin Holland

7 July 2022

question

third party beneficiary:

answer

someone who was not a party to the contract, but stands to benefit from it.

question

intended beneficiary:

answer

may enforce a contract if the parties intended him/her to benefit

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may incidental beneficiary enforce the contract?

answer

nope.

question

incidental beneficiary:

answer

any beneficiary who is not an intended beneficiary and they may not enforce the contract.

question

creditor beneficiary:

answer

promisee is fulfilling some duty, then the third party beneficiary is called a creditor beneficiary

question

donee beneficiary:

answer

promisee is making a gift, the third party is called a donee beneficiary

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assignment of rights:

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contracting party may transfer his rights under the contract

question

delegation of duties:

answer

a contracting party may transfer his/her duties pursuant to the contract

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assignor:

answer

one making the assignment

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assignee

answer

one receiving an assignment

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any contractable right may be assigned unless:

answer

-the assignment would change the obligor's rights/duties under the contract -is forbidden by law or public policy -validly precluded by the contract itself

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when is assignment prohibited:

answer

the the obligor is agreeing to perform personal services

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rights are assigned by:

answer

-writing -consideration -notice to the obligor

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is an assignment for consideration irrevocable? TRUE/FALSE

answer

true

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gratuitous assignment is made as a gift for no consideration: T/F

answer

true

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gratuitous assignment is generally revocable if it is oral and generally irrevocable if it is _______

answer

written

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once the assignment is made and the obligor is notified:

answer

the assignee may enforce his/her contractual rights against the obligor

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the obligor may generally raise all defenses against the asignee that he/she could have raised against the ____

answer

assignor

question

novation:

answer

three-way agreement in which the obligor delegates all rights and duties to the delegatee and obligee agrees to look only to the delegates for performance.

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question

third party beneficiary:

answer

someone who was not a party to the contract, but stands to benefit from it.

question

intended beneficiary:

answer

may enforce a contract if the parties intended him/her to benefit

question

may incidental beneficiary enforce the contract?

answer

nope.

question

incidental beneficiary:

answer

any beneficiary who is not an intended beneficiary and they may not enforce the contract.

question

creditor beneficiary:

answer

promisee is fulfilling some duty, then the third party beneficiary is called a creditor beneficiary

question

donee beneficiary:

answer

promisee is making a gift, the third party is called a donee beneficiary

question

assignment of rights:

answer

contracting party may transfer his rights under the contract

question

delegation of duties:

answer

a contracting party may transfer his/her duties pursuant to the contract

question

assignor:

answer

one making the assignment

question

assignee

answer

one receiving an assignment

question

any contractable right may be assigned unless:

answer

-the assignment would change the obligor's rights/duties under the contract -is forbidden by law or public policy -validly precluded by the contract itself

question

when is assignment prohibited:

answer

the the obligor is agreeing to perform personal services

question

rights are assigned by:

answer

-writing -consideration -notice to the obligor

question

is an assignment for consideration irrevocable? TRUE/FALSE

answer

true

question

gratuitous assignment is made as a gift for no consideration: T/F

answer

true

question

gratuitous assignment is generally revocable if it is oral and generally irrevocable if it is _______

answer

written

question

once the assignment is made and the obligor is notified:

answer

the assignee may enforce his/her contractual rights against the obligor

question

the obligor may generally raise all defenses against the asignee that he/she could have raised against the ____

answer

assignor

question

novation:

answer

three-way agreement in which the obligor delegates all rights and duties to the delegatee and obligee agrees to look only to the delegates for performance.

law chapter 17 – Flashcards

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