Bul Chapter 19

Obligor

Contractual party who agreed to DO something for the other party.

Obligee

Contractual party who agreed to receive something from the other party.

Assignment

The transfer of rights under a contract to a third party.

Assignor

the party to a contract who transfers his or her rights to a third party

Assignee

a party not in privity to a contract who is the recipient of a transfers of rights to a contract

assignments require

no special wording or forms to be valid

Delegation

The transfer of a duty under a conract to a third party

Delegator

The party to a contract who transfers his or her duty to a third party

Delegate

the party not in privity to a contract who is the recipient of a transfer of duty to a contract

delegator liable

After the delegation, although the delegate is bound to perform, the _______________ remains liable if the delegate fails to perform.

third party beneficiary

Created when two parties enter into a contract with the purpose of benefiting a third party, called the intended beneficiary.

The intended beneficiary need

not be named in the contract, as long as the terms of the contract or events occurring after its creation make it clear who he or she is.

Creditor beneficiary

a third party that benefits from a contract in which the promisor agrees to pay the promisee's debt.

done beneficiary

third party who benefits from a contract in which the promisor agrees to give a gift to the third party.

Incidental Beneficiary

When the contracting parties do not intend to benefit someone but unintentionally do.

Vesting

cannot sue to enforce his or her rights to the contracts until they vest, or mature such that he or she can legally act upon them

Before a third party's rights have vested, the original contracting parties can

make changes to the original contract without the third party's permission.