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DD Bar (Worst Subjects/Topics) > Contracts (TPB) > Flashcards

Contracts (TPB) Flashcards

(59 cards)

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1
Q

What are the 2 types of Third Party Beneficiary?

A

Intended & Incidental

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2
Q

A beneficiary is intended if they are:

3 requirements

A
  1. identified in the K
  2. recieves performance directly from promisor
  3. has some relationship with promisee that indicates intent to benefit

Must be identified AT TIME K IS MADE

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3
Q

T/F

A K with a TPB can only be cancelled or modified with their consent

A

False.
K can be cancelled w/o TPB consent if their rights have not yet vested

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4
Q

What are the 3 ways a TPB rights can vest?

A

Once they learn of the K and:
assent
rely
sue

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5
Q

T/F

All K are assignable and delegable except K for:

3 types

A
  1. Unique Personal Service K
  2. Long-term Requirement K
  3. Prohbited by law
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6
Q

T/F

Assignments and delegations can be done orally

A

True

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7
Q

T/F

Assignments and delegations can only be for value

A

False, can be gratuitous

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8
Q

An assignment or delegation done gratuitously can be ____, but if it’s for value, it is ____

A

Revocable
Irrevocable

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9
Q

T/F

Consideration is needed for an assignment or delegation

A

False

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10
Q

The effect of an assignment is to establish privity between ____ and extinguishes privity between ____.

A

Establish: Assignee and Obligor

Extinguish: Assignor and Obligor

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11
Q

For an assignment to be effective, the assignor must:

A

Manifest an intent to completley and immediately transfer their rights

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12
Q

The right being assigned must be ____ described

A

Adequately

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13
Q

An assignment for value is one that is:

3 requirements

A
  1. done w/ consideration
  2. taken as a security or for payment of a preexisting debt
  3. cannot be revoked
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14
Q

What happens to an assignment once revoked?

A

Privity between the assignor and obligor is restored

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15
Q

T/F

An assignee can sue the obligor to recover payment

A

True

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16
Q

What is required for a delegation?

A

The delegator must manifest a present intention to make a delegation.

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17
Q

T/F

A delegator remains liable on the K

A

True

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18
Q

T/F

The obligee can sue a delagator for nonperformance by the delegate

A

True

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19
Q

A ____ substitutes an original party to the K for a new party and requires assent of ALL parties

A

Novation

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20
Q

Does a novation completley release the original party?

A

Yes

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21
Q

Do intended or incidental beneficiares have contractual rights?

A

Only intended

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22
Q
A
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23
Q

What are the two types of intended beneficiares?

A
  1. creditors (promisee owes them a debt)
  2. donee (promise tends to benefit gratuitously)
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24
Q

A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____

Study These Flashcards
A

Promisee
Promisor

25
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor
26
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor | But they can only recieve 1 satisfaction
27
What are the two types of intended beneficiares?
1. creditors (promisee owes them a debt) 2. donee (promise tends to benefit gratuitously)
28
Does a donee beneficary have a right to sue the promisee?
No, unless detrimental reliance exists.
29
May a promisee sue the promisor if they dont perform?
Yes
30
# Typical Third Party Beneficiary Situation A contracts with B that B will render some performace to C. Which party is which?
A= promisee B= promisor C= Third-party beneficiary
31
What are the two types of intended beneficiares?
1. creditors (promisee owes them a debt) 2. donee (promise tends to benefit gratuitously)
32
Does a donee beneficary have a right to sue the promisee?
No, unless detrimental reliance exists.
33
May a promisee sue the promisor if they dont perform?
Yes
34
# Typical Third Party Beneficiary Situation A contracts with B that B will render some performace to C. Which party is which?
A= promisee B= promisor C= Third-party beneficiary
35
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor | But they can only recieve 1 satisfaction
36
# Typical Assignment Situation A contracts to provide security for B. A then assings right to payment to C. C has the right to recieve payment from B. Which party is which?
A= Assignor B= Obligot C= Assignee
37
What are the two types of intended beneficiares?
1. creditors (promisee owes them a debt) 2. donee (promise tends to benefit gratuitously)
38
# Typical Third Party Beneficiary Situation A contracts with B that B will render some performace to C. Which party is which?
A= promisee B= promisor C= Third-party beneficiary
39
Does a donee beneficary have a right to sue the promisee?
No, unless detrimental reliance exists.
40
May a promisee sue the promisor if they dont perform?
Yes
41
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor | But they can only recieve 1 satisfaction
42
# Typical Assignment Situation A contracts to provide security for B. A then assings right to payment to C. C has the right to recieve payment from B. Which party is which?
A= Assignor B= Obligot C= Assignee
42
43
What are the two types of intended beneficiares?
1. creditors (promisee owes them a debt) 2. donee (promise tends to benefit gratuitously)
44
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor | But they can only recieve 1 satisfaction
45
# TPB May a promisee sue the promisor if they dont perform?
Yes
46
# Typical Third Party Beneficiary Situation A contracts with B that B will render some performace to C. Which party is which?
A= promisee B= promisor C= Third-party beneficiary
47
# Typical Assignment Situation A contracts to provide security for B. A then assings right to payment to C. C has the right to recieve payment from B. Which party is which?
A= Assignor B= Obligor C= Assignee
48
Does a donee beneficary have a right to sue the promisee?
No, unless detrimental reliance exists.
49
# Typical Third Party Beneficiary Situation A contracts with B that B will render some performace to C. Which party is which?
A= promisee B= promisor C= Third-party beneficiary
50
Does a donee beneficary have a right to sue the promisee?
No, unless detrimental reliance exists.
51
# TPB May a promisee sue the promisor if they dont perform?
Yes
52
What are the two types of intended beneficiares?
1. creditors (promisee owes them a debt) 2. donee (promise tends to benefit gratuitously)
53
A creditor beneficiary can sue the ____ on the existing obligation between them and also sue the ____
Promisee Promisor | But they can only recieve 1 satisfaction
54
# Typical Assignment Situation A contracts to provide security for B. A then assings right to payment to C. C has the right to recieve payment from B. Which party is which?
A= Assignor B= Obligot C= Assignee
55
What is the difference between an assignment and a TPB?
The third party intended beneficiary is created at the time the contract was made (e.g., designated in the contract). An assignment, on the other hand, is a contract that does not contemplate performance to a third party when the contract is made. Rather, later one of the parties transfers his rights to another.
56
A ____ occurs where a new contract substitutes a new party to receive benefits and assume duties that had originally belonged to one of the original parties under the terms of the old contract.
novation | A novation discharges the old contract.
57
A novation will be found when there is:
(i) a previous valid contract; (ii) an agreement among the parties, including the new party to the new contract; (iii) the immediate extinguishment of contractual duties as between the original contracting parties; and (iv) a valid and enforceable new contract.
58
An obligee becomes a TPB and can compel performace or bring suit for nonperformance after a delegation of duties if there is also: an assumption of duty on the part of the ____, supported by ____
delagatee (replacement), Consideration

DD Bar (Worst Subjects/Topics) (19 decks)

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