Chapter 17 Notes

Chapter 17 Notes - Ch. 17 Privity of contract the...

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Ch. 17 Privity of contract – the relationship that exists between the promisor and the promisee Third parties have no rights in contracts to which they are not parties Assignment – the act of transferring to another all or part of one’s rights arising under a contract Effect of an assignment o Assignor – a party who transfers his or her rights to another party o Assignee – a party to whom the rights are assigned o Obligee – one to whom an obligation is owed (usually assignor) o Obligor – one who owes an obligation o Assignee must enforce contract with obligor Rights that cannot be assigned o When a statute expressly prohibits assignment o When a contract is personal in nature o When an assignment will significantly change the risk or duties of the obligor o When the contract prohibits assignment Exceptions: A contract cannot prevent an assignment of the right to receive funds Alienation – the process of transferring land out of one’s
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Chapter 17 Notes - Ch. 17 Privity of contract the...

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