Kaplan Pgs 295-306 TPB

Question 1

When do a third-party beneficiaries rights vest?

Answer 1

Dash when he bring suit
– if you change his position in justifiable reliance
– if he has sense to the contract after being requested to do so by the premises or promisor
– if there is an expressed Herman the contract that provides for vesting

Question 2

How does modification or recession of a contract work when it’s a third-party beneficiary situation?

Answer 2

The original parties are free to modify or resend without the third-party beneficiaries consent until his rights have vested. Once they have vested, the original parties cannot make any modifications or recessions, and if they try, that modification or rescission will be ineffective

Question 3

What is the difference between an obligor, assignor, and assignee?

Answer 3

Dash obligor: the party with the obligation to perform
– assignor: the party who assigned the right
– assignee: the party that the right was assigned to

Question 4

Is it possible to assign a rate that you expect to get in the future?

Answer 4

No, that is just an intent to assign in the future

Question 5

What are the two things that are required to make an effective assignment?

Answer 5

Dash the owner must manifest an intention to make a present transfer
– the assignee must manifest ascent too

Question 6

Is it possible to have a partial assignment?

Answer 6

Yes, you can assign a fraction of your rates. I.e.: if someone owes you $10,000, you can assign your rate to $5000 of that money to someone else

Question 7

What is the general rule about making assignments?

Answer 7

All rights are assignable, with some exceptions

Question 8

What are situations when you cannot make an assignment?

Answer 8

Dash if the assignment would materially alter the risks or obligations of the other party
– if the obligor has a personal interest in rendering performance to the obligee and not to a third-party
– if it would violate law or public policy
Dash if the contract prohibits it

Question 9

What are the major parties in a delegation?

Answer 9

Dash obligee: the party that the performance obligation is owed to
– obligor: the party that has an obligation to perform, and he is also the delegator: the party who delegated his performance to someone else
– delegatee: the party that the performance obligation was delegated to

Question 10

What does absolutely required for a novation?

Answer 10

There must be a promise to release one of the parties

Question 11

What is the situation where delegations are not enforceable?

Answer 11

If the performance is personal and the recipient have to rely on things like character, reputation, taste, skill, or discretion of the party that renders performance in
– if the contract prohibits delegation