Chapter 16 - Third Party Rights

Chapter 16 - Third Party Rights - Law & Society I M W...

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Law & Society I Key : M W 9:30AM, Snell 213 Normal, dark blue, size 12 font: Every header found in text John Exley, ID: 0160294 Normal, black, size 12 font: Excerpts from text 10.26.08 Bold, black, size 12 font: Vocabulary from text Chapter 16: Third Party Rights Pages 321-333 Privity of Contract: The relationship that exists between the promisor and the promisee of a contract. Section 1 – Assignments and Delegations Assignment: The act of transferring to another all or part of one’s rights arising under a contract. Delegation: The transfer of a contractual duty to a third party. The party delegating the duty (the delegator) to the third party (the delegatee) is still obliged to perform on the contract should the delegatee fail to perform. Assignments o Terminology Assignor: The person who assigns contract rights. Assignee: The person to whom contract rights are assigned. Obligee: One to whom an obligation is owed. Obligor:
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This note was uploaded on 09/15/2009 for the course LW 270 taught by Professor Wears during the Spring '09 term at Clarkson University .

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Chapter 16 - Third Party Rights - Law & Society I M W...

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