Chapter 13 Flashcards
The transfer to another of all or part of one’s rights arising under a contract
Assignment
A party who transfers his or her rights under a contract to another party
Assignor
A party to whom the rights under a contract are transferred, or assigned
Assignee
One to whom an obligation is owed
Obligee
One who owes an obligation to another
Obligor
What are the Rights that CANNOT be assigned?
Statute expressly prohibits assignment
Contract is personal in nature
Assignment will significantly change the risk or duties of the obligor
Contract prohibits assignment
The transfer of land out of one’s possession
Alienation
One a valid assignment of rights has been made to a third party, the third party should notify
The obligor that the assignment has been made
Giving notice of an assignment is not legally necessary to establish this
Validity of the assignment
If the assignor gives the assignment to two different persons, who has priority?
Whoever gives notice first
The transfer to another of all or part of one’s duties arising under a contract
Delegation of Duties
A party who transfers her or his obligations under a contract to another party
Delegator
A party to whom contractual obligations are transferred or delegated
Delegatee
What are the Duties that Cannot be Delegated
Performance depends on the personal skill or talents of the obligor
Special trust has been placed in the obligor
Performance by a third party will vary materially from that expected by the obligee
Contract expressly prohibits delegation
One for whose benefit a promise is made in a contract but who is not a party to the contract
Third Party Beneficiary
A third party for whose benefit a contract is formed; can sue the promisor if the contract is breached
Intended Beneficiary
A third party who benefits from a contract even though the contract was not formed for that purpose; has no rights in the contract and cannot sue to have it enforced
Incidental Beneficiary
The termination of an obligation such as occurs when the parties to a contract have fully performed their contractual obligations
Discharge
The fulfillment of one’s duties under a contract - the normal way of discharging one’s contractual obligations
Performance
A qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties
Condition
A condition in a contract that must be met before a party’s promise becomes absolute
Condition Precedent
A condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform
Condition Subsequent
Conditions that must occur or be performed at the same time - they are mutually depended. No obligations arise until these conditions are simultaneously performed
Concurrent Conditions
The failure, without legal excuse, of a promisor to perform the obligations of a contract
Breach of Contract
An assertion or action by a party indicating that he or she will not perform a contractual obligation
Anticipatory Repudiation
The substitution by agreement of a new contract for an old one, with the rights under the old one being terminated
Novation
What are the requirements of novation?
The existence of a previous, valid obligation
Agreement by all of the parties
extinguishing of the old obligation
A new, valid contract
A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable
Impossibility of Performance
A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could control or contemplate at the time the contract was formed
Commercial Impracticability
A court-created doctrine under which a party to a contract will be relieved of his or her duty to perform when the objective purpose for performance no longer exists due to reasons beyond that party’s control
Frustration of Purpose
