Contracts Flashcards
(4 cards)
1
Q
Can intended beneficiaries sue even if they are not named?
A
YES
2
Q
What is a suretyship?
A
One party (surety) promises a second party (obligee) that the surety will answer for the debt of the third party (principal)
THE SURETY MUST MAKE THE PROMISE TO THE OBLIGEE TO IMPLICATE SOF
3
Q
When does unjust enrichment apply?
A
In the absence of a valid contract to prevent one party from receiving a benefit from another that was not rightfully earned
4
Q
When is waiver of a condition irrevocable?
A
When a party detrimentally relies on the waiver
