Business Law Final Terms

Business Law Final - 1 privity of contract the state of two specified parties being in conflict 2 assignment the transfer of contractual rights by

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1. privity of contract – the state of two specified parties being in conflict. 2. assignment – the transfer of contractual rights by the obligee to another party. 3. assignor – the obligee who transfers a right. 4. assignee – the party to whom a right has been transferred. 5. anti-assignment clause – a clause that prohibits the assignment of rights under a contract. 6. delegation of duties – a transfer of contractual duties by an obligor to another party for performance. 7. delegator – an obligor who has transferred his or her duty. 8. delegatee – a party to whom a duty has been transferred. 9. assumption of duties – a situation in which a delegation of duties contains the term assumption, I assume the duties, or other similar language. In such a case, the delegatee is legally liable to the obligee for non-performance. 10. declaration of duties – a delegation of duties when the delegatee has not assumed the duties under a contract. In such a case, the delgatee is not legally liable for nonperformance. 11. anti-delegation clause – a clause that prohibits the delegation of duties under the contract. 12. intended beneficiary – a third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the obligor. 13. donee beneficiary contract – a contract entered into with the intent to confer a benefit or gift on an intended third party. 14. donee beneficiary – a third party on whom a benefit is to be conferred. 15. creditor beneficiary contract – a contract that arises in the following situations: (1) a debtor borrows money, (2) the debtor signs an agreement to pay back the money plus interest, (3) the debtor sells the item to third party before the loan is paid off, and (4) the third party promises the debtor that he or she will pay the remainder of the loan to the creditor. 16. creditor beneficiary – an original creditor who becomes a beneficiary under the debtor’s new contract with another party. 17. incidental beneficiary - a party who is unintentionally benefited by other people’s contracts. 18. covenant – an unconditional promise to perform. 19. condition – a qualification of a promise that becomes a covenant if it is met. There are three types of conditions: conditions precedent, conditions subsequent, and concurrent conditions. 20. condition precedent
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This note was uploaded on 04/29/2008 for the course ACCT 2990 taught by Professor Smith during the Spring '08 term at Auburn University.

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Business Law Final - 1 privity of contract the state of two specified parties being in conflict 2 assignment the transfer of contractual rights by

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