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The LAw of Contract - Chapter 12 - The Extent of Contractual Rights

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Administrative Studies
ADMS 2610
Sam Ling

Part 3The Law of Contract ADMS 2610LingLecture 3 Chapter 12The Extent of Contractual RightsOverviewPrivityonly parties to a contract have rights under itexceptions o Prior interests in land o Constructive trustso Promises under seal Assignmento Novation o Equitable assignmentso Vicarious performanceo Statutory assignmentso Assignments by lawAssignmentsPrivityo A person cannot incur liability under a contract to which he or she is not a party Strangers or third parties have neither liability nor rights under a contract Only parties to a contract have liabilities of rights under a contract These rights can be transferred in manners that are exceptions to the rule of privityprior interests in land o exception to rule of privityo buyer takes land subject to the rights of others who have acquired prior interest in the property before the purchase is made or which interests appear on titleo Such rights run with the lando Notice of such rights due diligence Trustso An agreement or arrangement whereby a party trustee holds property for the benefits of another beneficiary Constructive trust equitable concept o Normally beneficiary is not a party and gave no consideration so would have no rights
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