Chapter 15-Vocab Flashcards
(17 cards)
Promisee
The party to whom a promise is made
Promisor
The party who makes the promise that a third party seeks to enforce
Intended beneficiary
Someone who may enforce a contract made between two other parties
Incidental beneficiary
Someone who might have benefited from a contract between two others but has no right to enforce that agreement
Creditor beneficiary
If when the Promisee is fulfilling some duty. Most often the “duty” is that a promisee will be fulfilling is a debt already owed to the beneficiary
Donee beneficiary
When the Promisee is making a gift
Assignment
Transferring contract RIGHTS
Delegation
Transferring contract DUTIES
Assignor
The one making an assignment
Assignee
The one receiving an assignment
Obligor
The one obligated to do something
Obligee
The one to whom an obligation is due
Gratuitous assignment
An assignment made as a gift, for no consideration
Security interest
A legal right in personal property that assures payment
Delegator
Person delegating their duties
Delegatee
Person receiving another’s delegations
Novation
A three-way agreement in which the Obligor transfers all rights and duties to a third party
