Business law chapter 16

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30 Terms

1

Definition of Assignment of Rights

voluntary transfer to a third party of the rights arising from a contract so that the assignor’s right to performance is extinguished.

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2

Assignor (Assignment of Rights)

party making an assignment

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3

Assignee (Assignment of Rights)

party to whom contract rights are assigned

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4

Obligor (Assignment of Rights)

party owing a duty to the assignor under the original contract

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5

Obligee (Assignment of Rights)

party to whom a duty of performance is owed under a contract

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6

Requirements of an Assignment (Assignment of Rights)

include intent but not consideration

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7

Revocability of Assignment (Assignment of Rights)

When the assignee gives consideration, the assignor may not revoke the assignment without the assignee’s consent.

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8

Partial Assignment (Assignment of Rights)

transfer of a portion of contractual rights to one or more assignees

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9

Assignability (Assignment of Rights)

Most contract rights are assignable, except:

  Assignments that materially increase the duty, risk, or burden upon the obligor.

  Assignments of personal rights.

  Assignments expressly forbidden by the contract.

Assignments prohibited by law.

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10

Rights of Assignee (Assignment of Rights)

the assignee stands in the shoes of the assignor

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11

Defenses of Obligor (Rights of Assignee)

may be asserted against the assignee

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12

Notice (Rights of Assignee)

is not required but is advisable

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13

Implied Warranty (Assignment of Rights)

Obligation imposed by law upon the assignor of a contract right

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14

Express Warranty (Assignment of Rights)

explicitly made contractual promise regarding contract rights transferred

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15

Successive Assignments of the Same Right (Assignment of Rights)

The majority rule is that the first assignee in point of time prevails over later assignees; minority rule is that the first assignee to notify the obligor prevails.

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16

Definition of Delegation

transfer to a third party of a contractual obligation

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17

Delegator (Delegation of Duties)

party delegating his duty to a third party

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18

Delegatee (Delegation of Duties)

third party to whom the delegator’s duty is delegated

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19

Obligee (Delegation of Duties)

party to whom a duty of performance is owed by the delegator and delegatee

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20

Delegability (Delegation of Duties)

Most contract duties may be delegated, except:

  Duties that are personal.

  Duties that are expressly nondelegable.

    Duties whose delegation is prohibited by statute or public policy.

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21

Delegation (Duties of the Parties)

delegator is still bound to perform original obligation

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22

Novation (Duties of the Parties)

contract, to which the obligee is a party, substituting a new promisor for an existing promisor, who is consequently no longer liable on the original contract and is not liable as a delegator.

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23

Definition of Third-Party Beneficiary Contracts

A contract in which one party promises to render a performance to a third person (the beneficiary).

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24

Intended Beneficiaries (Third-Party Beneficiary Contracts)

Third parties intended by the two contracting parties to receive a benefit from their contract.

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25

Donee Beneficiary (Intended Beneficiaries)

A third party intended to receive a benefit from the contract as a gift

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26

Creditor Beneficiary (Intended Beneficiaries)

A third person intended to receive a benefit from the agreement to satisfy a legal duty owed to her.

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27

Rights of Intended Beneficiary (Intended Beneficiaries)

An intended donee beneficiary may enforce the contract against the promisor; an intended creditor beneficiary may enforce the contract against against either or both the promisor and the promisee.

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28

Vesting of Rights (Intended Beneficiaries)

If the beneficiary’s rights vest, the promisor and promisee may not thereafter vary or discharge these vested rights.

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29

Defenses Against Beneficiary (Intended Beneficiaries)

In an action by the intended beneficiary of a third-party contract to enforce the promise, the promisor may assert any defense that would be available to her if the action had been brought by the promisee.

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30

Incidental Beneficiary (Third-Party Beneficiary Contracts)

Third party whom the two parties to the contract have no intention of benefiting by their contract and who acquires no rights under the contract.

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