Business Law 13

transfer of contractual rights, benefits, responsibility by a party to a contract to a third person

provision of personal services are generally not assignable

usually a person cannot assign a nonexisistnet right expected infuture

transfer of contractual duties by a party to a contract to a third person. personal service contracts not delegatable

occurs if both rights and duties transfered under contract

third person who is owed performance under other parties contract; donee (rendered gratuitiously), creditor (agrees to perform)

third person who incidentally recieves some benefit under other parties contract but has no rights to sue

unconditional promises to perform, nonperformance is a breach of contract

• mutual recession
• substituted contract
• novation
• accord and satisfaction

parties agree to the substitution of a third party for one of the original parties. exiting relieved of liability, entering obligated to perform

• impossibility of performance
• force majeure clause
• commercial impractibility

parties may stipulate in a contract what events will excuse performance

• statute of limitations
• bankruptcy
• alteration of a contract