Business Law 13

  1. assignment of rights
    transfer of contractual rights, benefits, responsibility by a party to a contract to a third person
  2. personal service contracts
    provision of personal services are generally not assignable
  3. assignment of future rights
    usually a person cannot assign a nonexisistnet right expected infuture
  4. delegation of duties
    transfer of contractual duties by a party to a contract to a third person. personal service contracts not delegatable
  5. assignment and delegation
    occurs if both rights and duties transfered under contract
  6. third party intended benificiary
    third person who is owed performance under other parties contract; donee (rendered gratuitiously), creditor (agrees to perform)
  7. third party incidental benificiary
    third person who incidentally recieves some benefit under other parties contract but has no rights to sue
  8. covenants
    unconditional promises to perform, nonperformance is a breach of contract
  9. discharge by agreement
    • mutual recession
    • substituted contract
    • novation
    • accord and satisfaction
  10. novation
    parties agree to the substitution of a third party for one of the original parties. exiting relieved of liability, entering obligated to perform
  11. discharge by impossibility
    • impossibility of performance
    • force majeure clause
    • commercial impractibility
  12. force majeure clause
    parties may stipulate in a contract what events will excuse performance
  13. discharge by operation of law
    • statute of limitations
    • bankruptcy
    • alteration of a contract
Card Set
Business Law 13
third party rights and discharge