BUS 410 Study Guide - Midterm Guide: Georgia Dome, The Home Depot, Life Insurance
29 Mar 2016
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The 2 primary parties making the contract are in privity of contract. 3rd party who"s intended to benefit from the contract: ex: health and life insurance contracts, ex: creditor person 1 takes out a loan from person 2. Person 1 gives the money to person 3 who promises they will pay back person 2. If person 3 can"t pay back person 2, person 2 can sue person 3 directly. 3rd party who just happens to benefit from a contract. Incidental beneficiaries cannot sue: ex: your neighbor fixing their gutter benefits you as well. Neighbor has a contract for someone to fix the gutter. The contractor doesn"t show and breaches the contract. You"re an incidental beneficiary cannot sue. Home depot had no contract with the painters or the georgia dome (no breach of contract claim with the industrial paint company) Not the intended beneficiaries of the initial contract.
