ADMS2610-Session3-Ch12

ADMS2610-Session3-Ch12 - ADMS2610 Session 3 Chapter 12 (pg....

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ADMS2610 Session 3 Chapter 12 (pg. 217-226) The Extent of Contractual Rights Privity of Contract - Privity (a person cannot incur liability under a contract to which he or she is not a party) o Strangers or third parties have no liability nor rights under a contract o Only parties to a contract have liabilities or rights under a contract o These rights can be transferred in manners that are exceptions to the rule of Privity - Prior Interests in land o Exception to rule of Privity o Buyer takes land subject to the rights of others who have acquired prior interests in the property before the purchase is made, or which interests appear on title o Such rights run with the land o Notice of such rights (due diligence) - Constructive Trusts o Is an equitable concept o Normally, beneficiary is not a party and gave no consideration so would have no rights o Beneficiaries are not a party to the trust but can enforce its terms under equity o Trusts (an agreement or arrangement whereby a party (trustee) holds property for the benefit of another (beneficiary) - Promises under Seal o Third parties can enforce agreements for their benefit if made under
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This note was uploaded on 03/25/2011 for the course ADMS 2610 taught by Professor Joshuasera during the Winter '10 term at York University.

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ADMS2610-Session3-Ch12 - ADMS2610 Session 3 Chapter 12 (pg....

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