What is an assignment in contract law

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Reference no: EM132286406

THIRD PARTY RIGHTS AND DISCHARGE

1. What is meant by privity of contract?

2. What is an assignment in contract law?

3. Identify the following parties:

• Assignor

• Assignee

• Obligor

• Obligee

4. What does an assignment do to the rights of the assignor and are the rights taken by an assignee subject to defenses that the obligor has against the assignor?

5. Be familiar with the following rights that cannot be assigned:

• When a statute expressly prohibits assignment

• When a contract is personal in nature

• When an assignment will significantly change the risk or duties of the obligor

• When the contract prohibits assignment

6. What are some exceptions to the rule that the contract prohibits assignment?

7. Identify two problems that can arise when notice of the assignment is not given to the obligor?

8. What is meant by “delegation of duties”? Who are the delegator and the delegatee?

9. Identify and be familiar with some circumstances in which the delegation of duties is prohibited.

10. Review Exhibit 12.3: Assignments and Delegations.

11. Who are third party beneficiaries and does the third party beneficiary have the right to sue the promisor directly for breach of the contract?

12. In a third party beneficiary contract, who is the promisor?

13. Identify the two most common type of intended beneficiaries.

14. When do the rights of third party beneficiaries vest?

15. Distinguish intended beneficiaries from incidental beneficiaries.

16. What is the most common way to discharge or terminate one’s contractual duties?

17. As to conditions in contracts, distinguish a condition precedent from a condition subsequent, and from a concurrent condition.

18. What needs to be done in order to have acts qualify as a substantial performance?

19. If one party materially breaches a contract, what rights does this give to the non-breaching party?

20. What is meant by anticipatory repudiation?

21. In what three ways can a contract be discharged by agreement?

22. Describe the situations in which a contract may be discharged by operation of law.

23. Review Exhibit 12.5 (Contract Discharge) on page 230 and be familiar with the terms contained within the exhibit.

Reference no: EM132286406

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