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Chapter_16_Notes_(Third_Party)

Chapter_16_Notes_(Third_Party) - THIRD PARTY(CHAPTER 16 I...

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THIRD PARTY (CHAPTER 16) I) The Transfer of Contractual Rights and Duties A) Assignment – transfer of a contractual right 1) Terms (a) Obligor – a party who owes a duty under a contract (b) Obligee – the party to whom the contractual duty is owed (c) Assignment – Obligee transfers their right to receive performance (d) Assignor – the party that transfers their right to a third party (e) Assignee – Third party to whom a contractual right has been transferred 2) Creating an Assignment (a) It does not have to be supported by consideration; it just needs to be clear. 3) All contractual rights can be assigned unless: (a) It would materially increase the risks, duties, or burdens on Obligor OR (b) It is a Personal Contract OR (c) There is an Express Anti-Assignment Provision OR (d) The Assignment would violate public policy (i) Assignment of a right to future wages (paychecks) 4) Rights of the Assignee (a) “The Assignee steps into the shoes of the Assignor.” 5) Assignor’s Warranty Liability (a)
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