BUSINESS LAW - CHAPTER 13 (Contracts Third Party Rights and Discharge)

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rootbytes
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267943
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BUSINESS LAW - CHAPTER 13 (Contracts Third Party Rights and Discharge)
Updated:
2014-03-26 17:11:40
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Business Law Contracts
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Business Law Contracts
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  1. Assignment
    The transfer to another of all or part of one’s rights arising under a contract.
  2. Assignor
    A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
  3. Assignee
    A party to whom the rights under a contract are transferred, or assigned.
  4. Bona Fida Purchaser (BFP)
    • commonly called BFP in legal and banking circles; a person who has
    • purchased an asset (including a promissory note, bond or other
    • negotiable instrument) for stated value, innocent of any fact which
    • would cast doubt on the right of the seller to have sold it in good
    • faith. This is vital if the true owner shows up to claim title, since
    • the BFP will be able to keep the asset, and the real owner will have to
    • look to the fraudulent seller for recompense.
  5. Delegator/ Delegate
    Delegator = party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).

    Delegatee = party to whom contractual obligations are transferred, or delegated.
  6. (3PCB) Third Party Creditor Beneficiary
  7. (3PDB) Third party Donee Beneficiary
  8. 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.
  9. 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.
  10. Condition Precedent
    A condition in a contract that must be met before a party’s promise becomes absolute.
  11. Condition Concurrent
    Conditions that must occur or be performed at the same time—they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
  12. Condition Subsequent
    A condition in a contract that, if it occurs, operates to terminate a party’s absolute promise to perform.
  13. Substantial Performance
  14. Subjective/Objective Satisfaction Conditions
  15. Breach
    The failure to perform a legal obligation.
  16. Material/Trivial Breach
  17. Anticipatory Repudiation/Breach
    An assertion or action by a party indicating that he or she will not perform a contractual obligation.
  18. Impossibility of Performance
    A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable.
  19. Novation
    The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
  20. Objective Impossibility
  21. Subjective Impossibility
  22. 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 control or contemplate at the time the contract was formed.
  23. Panama Canal Case
  24. Frustration of Purpose
    A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party’s control).
  25. Coronation Case

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