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

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Chapter 12 the extent of contractual rights. Privity only parties to a contract have rights under it exceptions: prior interests in land, constructive trusts, promises under seal. Assignment: novation, equitable assignments, vicarious performance, statutory assignments, assignments by law. Privity: 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. Trusts: an agreement or arrangement whereby a party (trustee) holds property for the benefits of another (beneficiary). Constructive trust (equitable concept: normally beneficiary is not a party and gave no consideration so would have no rights, beneficiaries are not a party to the trust but can enforce its terms under equity.

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