Flashcards in Contracts: Third-Party Rights Deck (5)
Loading flashcards...
1
Assignments
- any right can be assigned or delegated
- assignment is contract separate from original agreement
2
Assignment Exceptions
- prohibited by contract terms
- prohibited by statute
- prohibited by personal contracts
- prohibited for increased material risk to obligor
3
Delegation Exceptions
- prohibited by contract terms
- contract based on personal skill of obligor
- performance will vary materially from expectation
4
Rights upon Assignement
- assignee gets no better rights than assignor (can be lesser) "steps into shoes" of original
- assignee with most rights, gives first notice of assignment
- until notice, original party can discharge
- defenses of original now belong to assignee.
- assignor remains liable
5