Ch. 9: Third Party Contracts

Question 1

assignee

Answer 1

transferee of contractual right

Question 2

assignment

Answer 2

transference of contractual right by the promisee to a third person

Question 3

assignor

Answer 3

transferor of contractual right

Question 4

delegation

Answer 4

promisor having assistance in fulfilling contractual duties

Question 5

estoppel

Answer 5

equitable term; barring certain actions in the interest of fairness

Question 6

incidental beneficiary

Answer 6

person who benefits tangentially from a contract

Question 7

intended beneficiary

Answer 7

third party donee or creditor beneficiary

Question 8

novation

Answer 8

substitution of a party to a contract; novated person takes over all rights and obligations under the contract

Question 9

promisee

Answer 9

one who receives consideration in a bilateral contract

Question 10

promisor

Answer 10

one who gives consideration in a bilateral contract

Question 11

real party in interest

Answer 11

person with enforceable contractual rights

Question 12

third party beneficiary contract

Answer 12

contract entered into for the purpose of benefitting someone not a party to the contract

Question 13

third party creditor beneficiary

Answer 13

person who receives the benefit of a contract in order to extinguish a debt owed him by the promisee

Question 14

third party donee beneficiary

Answer 14

person who receives the benefit of a contract in order to receive a gift from the promisee

Question 15

token chose

Answer 15

item of symbolic, rather than monetary, significance that makes a gratuitous assignment irrevocable

Question 16

vested

Answer 16

having a legally enforceable right