BLAW Chapter 14 Terms

alienation

The transfer of title to real property (which "alienates" the real property from the former owner).

anticipatory repudiation

An assertion or action by a party indicating that the party will not perform a contractual obligation.

assignee

A party to whom the rights under a contract are transferred, or assigned.

assignment

The transfer to another of all or part of one's rights arising under a contract.

assignor

A party who transfers (assigns) rights under a contract to another party (the assignee).

breach of contract

The failure, without legal excuse, of a promisor to perform the obligations of a contract.

commercial impracticability

A doctrine that may excuse the duty to perform a contract when performance becomes much more difficult or costly due to forces that neither party could have controlled or foreseen at the time the contract was formed.

concurrent conditions

Conditions that must occur or be performed at the same time—they are mutually dependent. No obligations arise until these conditions are simultaneously performed.

condition

A qualification, provision, or clause in a contractual agreement, the occurrence or nonoccurrence of which creates, suspends, or terminates the obligations of the contracting parties.

condition precedent

A condition in a contract that must be met before a party's promise becomes absolute.

condition subsequent

A condition in a contract that, if it occurs, operates to terminate a party's absolute promise to perform.

delegatee

A party to whom contractual obligations are transferred, or delegated.

delegation of duties

The transfer to another of a contractual duty.

delegator

A party who transfers (delegates) obligations under a contract to another party (the delegatee).

discharge

The termination of an obligation, such as occurs when the parties to a contract have fully performed their contractual obligations. In bankruptcy proceedings, the termination of a debtor's obligation to pay debts.

frustration of purpose

A court-created doctrine under which a party to a contract will be relieved of the duty to perform when the objective purpose of performance no longer exists due to reasons beyond that party's control.

impossibility of performance

A doctrine under which a party to a contract is relieved of the duty to perform when performance becomes objectively impossible or totally impracticable.

incidental beneficiary

A third party who benefits from a contract even though the contract was not formed for that purpose. An incidental beneficiary has no rights in the contract and cannot sue to have it enforced.

intended beneficiary

A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if the contract is breached.

novation

The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.

obligee

One to whom an obligation is owed.

obligor

One who owes an obligation to another.

performance

The fulfillment of one's duties under a contract—the normal way of discharging one's contractual obligations.

privity of contract

tender

An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so.

third party beneficiary

One who is not a party to the contract but who stands to benefit from the contract's performance.