Contract Law for Paralegals

Terms in this set (212)

designations include:
• promisee: the party who provided for and intended the benefit to flow to the third party;
• promisor: the party obliged to render performance to the third party;
• intended beneficiary; the party acquiring beneficial rights as either a donee or creditor beneficiary;.
• donee: beneficiary to whom the promisee gratuitously provides a benefit;
• creditor: beneficiary to whom the promisee intends to repay a debt (#1, 60-1).
.
• assignor: in an assignment, the original contracting party who assigns contract rights to a third party;
• assignee: in an assignment, the third party to whom the contract rights are transferred;
• obligor: in an assignment, the other original contracting party who is obliged to render performance to the assignee (#1, 60-1)
.
• delegant/delegator: in a delegation, the original contracting party who delegates their duties to perform to a third party;
• delegatee: in a delegation, the third party who accepts the transferred duties;
• obligee: in a delegation, the other original contracting party for whom the delegatee must perform. (#1, 60-1)
.
• obligor: in surety bonding, the surety company that guarantees to the project owner (obligee) that the principal (constructor) will render performance. In this case, the obligor is also the promisee in that the surety provides for and intends the benefit to flow to the third-party beneficiary, in this case the project owner (obligee).
• obligee: in surety bonding, the project owner to whom the surety company (obligor) guarantees the performance of the constructor (principal). In this case, the obligee is also the third-party beneficiary who acquires the rights to be protected by the surety's guarantee on the constructor's (principal's) performance.
• principal: in surety bonding, the constructor whose performance is guaranteed by the surety company (obligor) for the benefit of the project owner (obligee). In this case, the principal is also the promisor who is obliged to render performance to the third-party beneficiary, that is, the project owner (obligee).
(#6, 16)
.
• incidental beneficiary: a person who receives an unintended benefit from, but who acquires no rights in, the TPB contract (#1, 60-1).
.
;