obligations b Promisor Party to contract who made promise that benefits third

Obligations b promisor party to contract who made

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obligationsb.Promisor: Party to contract who made promise that benefits third partyc.Promisee: Party to contract who owes something to promisor in exchange for promise made to third-party beneficiaryd.Creditor beneficiary. Third party who benefits from contract in which promisor agrees to pay promisee’s debte.Donee beneficiary: Third party who benefits from contract in which promisor agrees to give a gift to third partyf.Vesting: Maturing of rights, such that a party can legally act on the rightsg.Incidental Beneficiary: Third party who unintentionally gains benefit from contractbetween other parties. Contracting parties do not intend to benefit incidental beneficiary. Incidental beneficiaries cannot sue to enforce contract obligations 29. Exception to fraud
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30. Damages a.Compensatory Damages: Damages designed to put plaintiff in position he wouldhave been in had contract been fully performedb.Consequential (Special) Damages: Foreseeable damages that result from special facts and circumstances arising outside contract itself. These damages must be within contemplation of parties at time breach occursc.Punitive Damages: Damages designed to punish defendant and deter him and others from engaging in similar behavior in the futured.Nominal Damages: Award (typically for only $1 or $5) intended to signify that although no actual damages resulted from defendant’s breach of contract, plaintiff wronged by defendante.Liquidated Damages: Damages for breach of contract specified in the contract itself (either as fixed amount, or as formula for determining money due)f.
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