17 Flashcards
“transfer of right; is generally used in connection with personal property rights, as rights under a contract, commercial paper, an insurance policy, a mortgage, or a lease.(Parties—assignor, assignee.)”
Assignment
“substitution for an old contract with a new one that either replaces an existing obligation with a new obligation or replaces an original party with a new party.”
Novation
Transfer of duties by a contracting party to an other person who is to perform them
Delegation of Duties
Delegation
transfer to another of the right and power to do an act
implied warranty
was not written but implied by law
Limitations to Assignment of Right of Money
No Limititation
Lim of Assignment of right to perform
No increased Burden, Personal services, credit transfers
Lim of Delegation of Duties
no Personal or non standardised performance
Right to damages or other Judicial Relief when a largely protected right of the plaintiffs is violated by an unlawful act of the defendant
Cause of Action
Claim
Right to Payment
Assignee
Third party to whom the contract benefits are transfered
assignor
party who assigns contract rights to a third party
debtor
buyer on credit, barrower
Obligor
Promisor
The obligation of law imposed on a person to perform or refrain from performing an act
Duty
Right
Legal capacity to require another to perform or refrain from an acrion
Types of Third-Party Beneficiaries
- Creditor
- Donee
- Incedental- not true TPB sue under negligence
The assignee takes the contract (rights) subject to claims, defenses, and setoff goods against the assignor
Assignment
Assignor remains liable on the assigned claim unless released by the assignee, or until the contract is completely and properly executed
Assignors Continued Liability
Non-Assignable Rights
- Where the assignment is prohibited by the contract.
- where the assignment would increase the burden of performance.
- where the right is to receive personal services
- credit transaction
Non-delegable Duties
personal or non-standardized performance
T/F Ucc encourages the free assignment of the rights to receive.
True
