Part 2

Question 1

Who had rights under a contract?

Answer 1

Privity of contract- only parties to a contract have right under it

Question 2

How to get rights under someone else’s contract?

Answer 2

But the company

Get an assignment of their contract (novation) - where you step in to someone’s contract and they step in.

Question 3

Statutory assignment

Answer 3

A single assignment agreement that can capture a whole class of contracts

Must be:
1.absolute- capture all the contracts of a certain class

2. in writing
3. Notice must be given to all affected parties
4. Subject to any existing rights or obligations between the parties

Question 4

How does a contract end? 1.

Answer 4

1. By performance - if the agreed to act, goods, services, money has been delivered (k ends)

Coinage - you only are obligated to accord the amount of coins of a type in a bank roll

Offering- the performance is sufficient to end the contract

Question 5

How does a contract end? 2.

Answer 5

Discharge of contract- by agreement

A) waived - release a part from their obligations

B) assignment - the party assigning the contract is discharged

C) amending agreement - changes the contract

D) accord + satisfaction - buy your way out

E) by right in contract - if the contract states a certain even ends in k

F) frustration - when an event occurs that through no fault of either party that k cannot proceed then k ends

G) bankruptcy - ends a k, when you cannot pay bills as they are due