Part 5 & 6

Question 1

intended beneficiary

Answer 1

Someone who may enforce a contract made between two other parties. – power to enforce

Question 2

incidental beneficiary

Answer 2

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

Question 3

Delegating

Answer 3

Transfer contract Duties. Unique characteristic cannot be delegated

Question 4

Assignment

Answer 4

Transfer contract Rights.

Question 5

Condition

Answer 5

An event must occur before a party becomes obligated under a contract. SO important that if its not done to what you agreed and specified, you want out.

Question 6

Types of conditions

Answer 6

1) Condition Precedent
2) Condition Subsequent
3) Concurrent Condition

Question 7

Key to conditional clauses

Answer 7

if the condition does not occur, one party will probably be discharged without having to perform his obligations under a contract

Question 8

Condition Precedent

Answer 8

An event must occur before a duty arises. If it doesn’t occur, buyer can black out

Question 9

Condition Subsequent

Answer 9

Must occur after a particular duty. If it doesn’t occur, the duty is discharged

Question 10

Concurrent Condition

Answer 10

Both parties have a duty to perform simultaneously

Question 11

Simple Term

Answer 11

both parties agreed to. (Breach of a term does not make a contract worthless: Neither party is released from contract, it is fixed)