Business Law 14.txt

state of two specified parties being in a contract

the transfer of contractual rights by an obligee to another party

a party to whom a right has been transfered

transfer of contractual rights

a clause that prohibits the assignment of rights under the contract

a transfer of contractual duties by an obligor to another party for performance

an obligor who has transferred his or her duty

a party to whom a duty has been transferred

a situation in which a delegation of duties contains the term assumption, I assume the duties, or other similar language. In such a case, the delegates is legally liable to the obligee for non proformance

clause that prohibits the delegation of duties under the contract

3rd party who is not in privity of contract but who has rights under the contract and can enforce the contract against promisor

a contract entered into with the intent to confer a benefit or gift on an intended 3rd party

thrid party on whom a benefit is to be conferred

contract that arises 1) a debtor borrows money 2)debtor signs an agreement to pay back the money plus interest 3) the debtor sells the item to a third party before the loan is paid off and 4) the third pary promises the debtor that he or she will pay the remainder of the loan to the creditor

an original creditor who becomes a beneficiary under the debtor's new contract with another party

a party who in unintentionally benefited by other people's contracts

an unconditional promise to perform

a qualification of a promise that becomes a covenant if it is met. there are three types of conditions

a conditiont hat requires the occurrence of an event before a party is obligated to perform a duty under a contract

a subjective test that applies to contracts involving personal taste and comfort

an objective test that applies to commercial contracts and contracts involving mechanical fitness

condition whose occurence or nonoccurrence of a specific event automatically excuses the performance of an existing contractual duty to perform

condition that exists when the parties to a contract must render performance simultaneously; each party's absolute duty to perform is conditioned on the other party's absolute duty to perform

a condition that can be implied from the circumstances surronding a contract and the parties conduct

an agreement that substitutes a new party for one of the original contracting parties and relieves the exiting party of liability on the contract

the settlement of a contract dispute

nonperformance that is excused if a contract becomes impossible to perform. It must be objective impossibility, not subjective.

a clause in a contract in which the parties specify certain events that will excuse nonperformance

nonperformance that is excused if an extreme or unexpected development or expense makes it impractical for the prmisor to perform

a statute that establishes the time perid during which a lawsuit must be brought; if the lawsuit is not brought within this perid, the injured party loses the right to sue