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Contracts: Third-Party Rights Flashcards Preview

REG > Contracts: Third-Party Rights > Flashcards

Flashcards in Contracts: Third-Party Rights Deck (5)
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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

Third-Party Beneficiary

- Donee: contract for direct benefit of donee
- Creditor beneficiary: contract to benefit creditor made with third party
- Incidental beneficiary: receives unintended benefit and has no legal rights.

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