a person who holds a stake in the contract, but is not a party to the contract. They have the right to sue when contract is breached.
not necessary for an assignment to be valid
A transfer of rights, (most rights may be assigned unless assignment changes the obligations)
violation of a contract before performance is required. Does not apply to monetary payments.
belong exculsively to the assignee
transfers a duty in a contract, but does not release the obligation from the origional party
the party who recieves a right, not a party to the origional contract
when a contract cannot be fulfilled without a specific item, person, etc... and money damages are not enough to give relief. Usually requires a court order (used alot in real-estate)
payment recovered in court by a person who has suffered an injury
privity of contract
Individuals who have made a legally enforceable agreement. Answers who can sue whom over performance of a contract.
damages agreed upon by the parties when the first enter into a contract
the party who transfers a right
an agreement whereby one party to a contract is replaced by a new party
mitigation of damages
principal in which the injured party must try to minimize damages
damages that an injured party to a contract can prove are the result of another's failure to perform
a legal means of correcting a wrong
breach of contract
when one party to a contract does not do what he or she agreed to do.
people who enter into contracts recieve benefits (rights) and __________(duties)
a form of delegation that occurs in business contracting.