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11 Cards in this Set
- Front
- Back
Third Parties
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to an existing contractual relationship are those who are not the offeror or offeree but who might still have rights in or be entitled to receive benefits from the agreement.
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Privity of Contract
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Private bargaining relationship
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Intended beneficiary
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A third party to a contractual agreement who was intended to benefit from a contract between two other parties such as the beneficiary of a life insurance policy.
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Incidental beneficiary
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A third party to a contractual agreement who was not originally intended to benefit from a contract between two other parties and therefore cannot enforce the agreement if it fails to be executed by the parties.
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Assignment
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When contractual rights are transferred to another
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Delegation
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When a party to a contract transfers responsibility (i.e. duties) to another but is still legally responsible for any nonperformance as opposed to an outright assignment.
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assignor
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The party who transfers some legal or contractual right.
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Assignee
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The party to whom a contract right has been transferred or assigned.
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Personal Services Contract
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A nontransferable contract in which unique talents, abilities, or skills are contracted for thereby rendering a delegation or assignment null and void. Often occurs in sports, artistic, or entertainment related contracts.
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Delegator
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One who remains ultimately responsible for the transfer of a responsibility to a delegee. A delegator might also be know as a delegor or delegant.
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Delegee
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The person to whom a contractual duty is delegated.
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