Business Law

In real property law, the voluntary transfer of property from one person to another (as opposed to a transfer by operation of law).

The person to whom contract rights are assigned.

The act of transferring to another all or part of one's rights arising under a contract

The person who assigns contract rights.

One to whom contract duties are delegated by another called the delegator.

The transfer of a contractual duty to a third party. The party delegating the duty (the delegator) to the thrid party (the delegatee) is still obligated to perform on the contract should the delegatee fail to perform

One who delegates his or her duties under a contract to another, called the delegatee.

A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed; an incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.

A third party for whose benefit a contract is formed; an intended beneficiary can sue the promisor if such a contract is breached.

One to whom an obligation is owed.

One that owes an obligation to another.

The relationship that exists between the promisor and the promisee of a contract.

Proportionately; in proportion

One for whose benefit a promise is made in a contract but who is not a party to the contract.