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Law 2 > Chapter 13: Third Party Rights and Discharge > Flashcards

Chapter 13: Third Party Rights and Discharge Flashcards

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1
Q

The relationship that exists between the promisor and the promisee of a contract

A

Privity of Contract

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2
Q

The transfer of contract rights to a third person

A

Assignments

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3
Q

The transfer to another of all or part of one’s rights arising under a contract

A

Assignments

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4
Q

Assignments are often used in

A

Business financing

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5
Q

A party who transfers his or her rights under a contract to another party

A

Assignor

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6
Q

A party to whom the rights under a contract are transferred or assigned

A

Assignee

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7
Q

One to whom an obligation is owed

A

Obligee

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8
Q

One who owes n obligation to another

A

Obligor

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9
Q

The assignee has a right to demand performance from

A

the original party to the contract

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10
Q

Who has right to demand performance from the original party

A

Assignee

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11
Q

What rights does the assignee obtain?

A

Only those that the assignor originally had

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12
Q

Assignee’s rights are subject to these defenses

A

The defenses the obligor has against the assignor

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13
Q

What rights CANNOT be assigned?

A

When a Statute Expressly prohibits assignment
When a Contract is Personal in Nature
When an Assignment will significantly change the risk or duties of the obligor
When the contract Prohibits Assignment

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14
Q

A contract cannot prevent an assignment of the right to do what?

A

Receive funds

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15
Q

The assignment of ownership rights in real estate often cannot be prohibited. Why?

A

It is Alienation and seen as contrary to public policy in most states

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16
Q

The assignment of these cannot be prohibited

A

Negotiable instruments

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17
Q

The right to receive damages for breach of contract or for payment of an account owed may be assigned even though the sales contract

A

Prohibits such an assignment

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18
Q

The third party should notify whom of the assignment?

A

The Obligor

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19
Q

Who should notify the obligor of the assignment?

A

The third party

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20
Q

Priority is given to whom?

A

The first assignee who gives notice

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21
Q

Until the obligor has notice, the obligor can discharge to the assignor how?

A

By performance to assignor

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22
Q

The transfer to another of all or part of one’s duties arising under a contract

A

Delegation of duties

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23
Q

Delegation does not relieve the party making the delegation of what?

A

The obligation to perform

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24
Q

A party who transfers her or his obligations under a contract to another party

A

Delegator

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25
Q

A party to whom contractual obligations are transferred, or delegated

A

Delegatee

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26
Q

no special form is required to create a valid

A

Delegation of duties

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27
Q

What duties cannot be delegated?

A

When the performance depends on the personal skill or talents of the obligor
When special trust has been placed in the obligor
When performance by a third party will vary materially from that expected by the obligee
When the contract expressly prohibits delegation

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28
Q

The obligee must accept performance from whom?

A

Delegatee

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29
Q

Delegation does not relieve whom of the obligations under the contract?

A

Delegator

30
Q

In a bilateral contract, who is the promisor?

A

Both parties

31
Q

Courts determine the identity of the promisor by asking which party made the promise that benefits the third party

A

Third Party Beneficiary Contracts

32
Q

Privity of contract must exist in this contract

A

Third Party Beneficiary Contracts

33
Q

When does privity of contract not need to exist with third party beneficiary contracts?

A

When the original parties, at the time of contracting, that the contract performance directly benefit a third person

34
Q

One for whose benefit a promise is made in a contract but who is not a party to the contract

A

Third Party Beneficiary

35
Q

A third party for whose benefit a contract is formed

A

Intended Beneficiary

36
Q

Benefits from a contract in which one party promises another party to pay a debt that the promise owes to a third party

A

Creditor Beneficiary

37
Q

Contract is made for the express purpose of giving a gift to a third party

A

Donee Beneficiary

38
Q

The rights have taken effect and cannot be taken away

A

Vested

39
Q

When do the rights of an Intended Beneficiary Vest?

A

Third party demonstrates express consent to the agreement
Third party materially alters his or her position in detrimental reliance on the contract
Conditions for vesting are satisfied

40
Q

A third party who benefits from a contract even though the contract was not formed for that purpose

A

Incidental Benefficiary

41
Q

Incidental beneficiary has no rights in the contract and cannot

A

Sue to have it enforced

42
Q

The termination of an obligation such as occurs when the parties to a contract have fully performed their contractual obligations

A

Contract Discharde

43
Q

The fulfillment of one’s duties under a contract

A

Performance

44
Q

What is the normal way of discharging one’s contractual obligations

A

Performance

45
Q

Must be performed, or the party promising the act will be in breach of contract

A

Absolute Promises

46
Q

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

A

Condition

47
Q

A condition in a contract that must be met before a party’s promise becomes absolute

A

Conditions Precedent

48
Q

Precedes the absolute duty to perform

A

Conditions Precedent

49
Q

A condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform

A

Conditions Subsequent

50
Q

Condition follows the absolute duty to perform

A

Conditions Subsequent

51
Q

Conditions that must occur or be performed at the same time

A

Concurrent Conditions

52
Q

They are mutually dependent

A

Concurrent Conditions

53
Q

No obligations arise until these conditions are simultaneously performed

A

Concurrent Conditions

54
Q

An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so

A

Tender

55
Q

If the other party refuses to perform, the party making the tender can consider the duty discharged and do what?

A

Sue for breach of contract

56
Q

Conditions expressly stated in the contract must fully occur in all aspects for complete performance

A

Complete Performance

57
Q

Any deviation breaches the contract and discharges the other party’s obligations to perform

A

Complete Performance

58
Q

A party who in good faith performs substantially all of the terms of a contract can enforce the contract under this doctrine

A

Substantial Performance

59
Q

Agreement to settle a debt

A

Accord

60
Q

An executory contract to perform some act to satisfy the existing contractual duty

A

Accord

61
Q

Payment of debt

A

Satisfaction

62
Q

The performance of the accord of agreement

A

Satisfaction

63
Q

Attempts to allocate the debtor’s assets to the creditors in a fair and equitable fashion

A

Bankruptcy

64
Q

Bankruptcy bars the creditors from

A

enforcing most of the debtor’s contracts

65
Q

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

A

Impossibility of Performance

66
Q

Impossibility is only applied when the parties could not have _______________ the event or events that rendered performance impossible

A

Reasonably foreseen

67
Q

What are the 3 types of impossibility of performance?

A

When a party whose personal performance is essential to the completion of the contract dies or becomes incapacitated prior to performance
When the specific subject matter of the contract is destroyed
When a change in the law renders performance illegal

68
Q

Suspends performance until the impossibility ceases

A

Temporary Impossibility

69
Q

Courts may excuse parties from their performance obligations when the performance becomes more difficult or expensive than the parties originally contemplated at the time the contract was formed

A

Commercial Impracability

70
Q

A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists, due to reasons beyond the party’s control

A

Frustration of Purpose

Law 2 (22 decks)

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