law chapter 17 – Flashcards
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third party beneficiary:
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someone who was not a party to the contract, but stands to benefit from it.
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intended beneficiary:
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may enforce a contract if the parties intended him/her to benefit
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may incidental beneficiary enforce the contract?
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nope.
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incidental beneficiary:
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any beneficiary who is not an intended beneficiary and they may not enforce the contract.
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creditor beneficiary:
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promisee is fulfilling some duty, then the third party beneficiary is called a creditor beneficiary
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donee beneficiary:
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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
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delegation of duties:
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a contracting party may transfer his/her duties pursuant to the contract
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assignor:
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one making the assignment
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assignee
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one receiving an assignment
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any contractable right may be assigned unless:
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-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:
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the the obligor is agreeing to perform personal services
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rights are assigned by:
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-writing -consideration -notice to the obligor
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is an assignment for consideration irrevocable? TRUE/FALSE
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true
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gratuitous assignment is made as a gift for no consideration: T/F
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true
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gratuitous assignment is generally revocable if it is oral and generally irrevocable if it is _______
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written
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once the assignment is made and the obligor is notified:
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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 ____
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assignor
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novation:
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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.
