Biz Law November 7.docx

Biz Law November 7.docx - Biz Law November 7 Privity of...

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Biz Law November 7 Privity of Contract: -Only original parties to a contract have rights and liabilities under the contract -Exceptions -Assignment or delegation -Third party beneficiary contract -Transfer of a contractual rights is an assignment -Transfer of contractual duties is delegation -*** occurs after the original was made Assignments -Effect of an Assignment: -Assignor: party assigning rights to third party -Assignee: party receiving rights -Obligor- person who is obligated to perform the duty -Obligee: person to whom a duty or obligation is owed -when the rights of assignor are unconditionally assigned, her rights are extinguished. -the third party (assignee) has right to demand performance from original party to contract -Form of the assignment (oral or written that are covered by the Statute of Frauds) -Rights that cannot be assigned -When a statue expressly prohibits assignment - When a contract is personal in nature -If assignment materially changes rights or duties of obligor -The contract prohibits assignment -Notice of Assignment -Once assignment is made, assignee should notify the obligor of the assignment. -If notice is not given: -Who has the priority if the assignor assigns the same right to two different persons?
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