Chapter 14 Vocabulary Flashcards
The relationship that exists between the promisor and the promisee of a contract.
Privity of Contract
The transfer to another of all part of one’s rights arising under a contract.
Assignment
A party who transfers his or her rights under a contract to another party (the asignee).
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
A transfer of title to real property (which alienates the real property from the former owner).
Alienation
The transfer to another of a contractual duty.
Delegation of Duties
A party who transfers (delegates) her or his obligations under a contract to another party (the delegatee).
Delegator
A party to whom contractual obligations are transferred, or delegated.
Delegatee
One who is not a party to the contract but who stands to benefit from the contract’s performance.
Third Party Beneficiary
A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if the contract is breached.
Intended Beneficiary
A third party who benefits from a contract even though the contract was nor formed for that purpose. An incidental beneficiary 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 dependent. No obligations arise until these conditions are simultaneously performed.
Concurrent Conditions
An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so.
Tender
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 Repuidation
The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
Novation
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 foresee 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
