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Chapter 16

Terms in this set (15)

third parties
persons who are not parties to the contract but who have a right to or an obligation for its performance
obligor
a person who owes a duty under a contract
obligee
a person to whom a contractual duty is owed to
assignment of rights
the voluntary transfer to a third party of the rights arising from the contract
partial assignment
a transfer of a portion of the contractual rights to one or more assignees
setoff
counterclaim
implied warranty
an obligation imposed by law upon the transferor of property or contract rights expect when expressively disclaimed
expressed warranty
an explicitly made contractual promise regarding the property or contract rights transferred
delegation of duties
the transfer to a third party to a contractual obligation
novation
an agreement by which the delegator obtains the consent of the obligee to substitute a third person
third-party beneficiary contract
a contract in which a party promises to render a certain performance not to the other party but to a third party (the beneficiary)
intended beneficiary
intended by the two parties to the contract to receive a benefit from the performance of their agreement
donee beneficiary
if the promisee's purpose in bargaining for and obtaining the contract with the promisor was to make a gift of the promised performance to the beneficiary
creditor beneficiary
if the promisee intends the performance of the promise to satisfy a legal duty owed to the beneficiary
incidental beneficiary contract
the third party is not intended to receive a benefit under the contract
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