Chapter 16

Question 1

Intended beneficiary

Answer 1

Someone who may enforce a contract made between two other parties

Question 2

Promisor

Answer 2

Makes the promise that a third party seeks to enforce

Question 3

Promisee

Answer 3

The contract party to whom a promise is made.

Question 4

Creditor Beneficiary

Answer 4

If the promise is fulfilling some duty, the third party beneficiary is called crecitor beneficiary

Question 5

Donee Beneficiary

Answer 5

If the promise is making a gift.

Question 6

Incidental Beneficiary

Answer 6

Someone who might have benefited from a contract between two others but has no right to enforce that agreement

Question 7

Assignment

Answer 7

Transferring contract rights

Question 8

Delegation

Answer 8

Transferring contract duties

Question 9

Obligor

Answer 9

The party obligated to do something.

Question 10

Assignor

Answer 10

the one making the assignment

Question 11

Assignee

Answer 11

The one receiving the assignment.

Question 12

Any contractual right may be assigned unless assignment

Answer 12

1. Would substantially change the obligors rights or duties under the contract
2. Forbidden by law or public policy
3. Validly precluded by the contract itself

Question 13

Gratuitous assignment

Answer 13

One made as a gift for no consideration. Generally revocable if it is oral and generally irrevocable if it is written

Question 14

Security Interests

Answer 14

Rights in personal property that assure payment or the performance of some obligation

Question 15

Novation

Answer 15

A three-way agreement in which the obligor transfers all rights and duties to a third party.