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Lecture

Who can I sue lecture notes for this lecture. Based on chapters 13-15

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Department
Business
Course
BU231
Professor
Shelley Mc Gill
Semester
Fall

Description
Who can I sue- Privity  Who should you sue when a promise that was made to you is not fulfilled o Logical answer is the guy who made the promise  Answer o Party to the contract- logically who we sue o Only people in contract have obligation to fulfill it is called privity of contract  Different from tort  Exceptions to the privity rule o Tort liability  Way around privity rule  Manufacturers liability- different than people in the contract  All of tort rule is exception to privity rule o Insurance  Buy life insurance- contract with insurance company  Kids of person who dies sue insurance for not paying  Privity says kids cannot sue  Therefore exception o Vicarious performance- someone else does it for you  What if someone wrongly performs for you  Restitution, undue enrichment  Equitable modification o Novation- end the contract  Tool rather than an exemption around the privity rule  If bound by contract, someone can sue you  If sublet room, and they damage, landlord will sue you  Create obligation/right between landlord and tenant to be able to occupy that location  If you don’t want the apartment back, you can novate the contract instead of subletting  Kill original contract and replace contract with other person  Same terms and conditions  Another example is original contract is basement, want to move to second floor, opening, novation is to destroy legal obligations of first contract and replace with another  End chain of privity liability  Either major term or person in contract o Exemption clauses  Even though we have a contract and you should be able to sue me, because I put this term in, you can’t  Thye are technically legal but can limit their range  Impossible to remove all liability- can’t destroy very nature of contracts  Require that they be brought to the attention of the other party o Trusts  Often set up as a way of transferring wealth from generation to generation  Separate the asset from the legal owner before give to next owner  Creates entity that can manage the asset- middle man  Complicated scenario depending on which vehicle you use  Think of it as trust fund  Usually put trust in your will  In a document in contractual form  You have the money  Settle money on trustee (just technical owner)  Beneficiary of trust that will get the benefit  For example once die money help in trust in support and education of child until youngest child reaches 25, or finishes undergraduate degree  Quite common in second marriages  Separate the asset from the revenue generated from the asset- benefit 2 different parties  Can the beneficiary who is not the trustee, have any contractual rights? Not party to the contract  Beneficiary should have a say in lack of performance of the trustee o Land  Lasts longer than you do, so the people involved with the land will eventually disappear and just left with the land  Had to be writing (statute of frauds)  Registry system to record this writing  Always been government sanctioned database where determine who owns the land  Used not only for ownership, but also other interests in the land  When you want to buy- you know who and what interests in your land  Must get approval of new subdivision  For example, make high rise in rural  Attach conditions to agreement  Agreement between developer and municipality  Attaches more conditions from deed from developer to builder  All of this recorded on the title  Never party to agreement between developer and builder if you let’s say don’t pay your dues or put satellite dish in backyard  Privity rule would say you can’t win because not parties to the agreement  You buy property, you are bound by everything registered on title  For the preceding 40 years  Doesn’t matter if wasn’t aware of it or agree to it  Supposed to hire lawyer and find out restrictions on use based on the title  Any interest in land that gets recorded on title may get enforced by anyone  The unperformed contract o Value of chose in action o As opposed to thing we possess o Trading chose in action o No one is buying from you the obligation to pay rent  No ma
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