Chapter 16 - Third party rights Chapter 16 1 Introduction a...

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Third party rights – Chapter 16 1. Introduction a. Only the parties to a contract have rights and liabilities under the contract b. Exceptions i. Assignment or delegation ii. Third party beneficiary contract c. Assignments and Delegations i. Transfer of contractual rights is an assignment ii. Transfer of contractual duties is a delegation 2. Assignments a. An assignment to a transfer of rights in a bilateral contract to a third party 3. What can be assigned? a. Almost any contractual right i. – accounts receivable ii. – proceeds from executor contacts, or general intangibles 4. Parties a. Assignor – party who assigns their rights to another b. Assignee – entity receiving the rights c. Obligee – party to whom an obligation is owed (assignor) d. Obligor – a party who owes an obligation 5. Effect of assignment a. If unconditional – rights of assignor are terminated i. Assignee can demand performance from the obligor b. If conditional assignment – rights are not terminated until conditions are met 6.
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