BSEN 395 Lecture Notes - Lecture 4: Fide, Condition Subsequent, Punitive Damages

• School: University of Calgary
• Department: Business and Environment
• Course: BSEN 395
• Professor: Danielwilson

Document Summary

Privity - only parties to a contract have rights under it. A person cannot incur liability under a contract to which he or she is not a party. Only parties to a contract have liabilities or rights under a contract. Trusts: acting on behalf of someone else, trustee is the protector of the asset, has no legal entitlement, only acts on the behalf of someone else, beneficiary can sue under the trust. Torts: end users of products can sue manufacturers under tort for injuries even if no contract exists. The substitution of parties to an agreement, or the replacement of one agreement by another agreement. Terminate the original agreement and replace it with another. Rule: can only assign rights not obligations. Generally, assignee could not sue in own name; had to sue in the name of the assignor. Assignee: one who receives rights under an assignment.