BUS-294 Lecture Notes - Lecture 7: Estoppel, Surety, Novation
23 Sep 2020
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Document Summary
Statute of frauds: does not need to be in all contracts. It says that oral agreements are enforceable. Agreements which cannot be performed within one year. Suretyship agreements: when someone guarantees a loan for you. (made by third party to assume debts or obligations if that person does not perform) Signed by party sought to be bound by contract. Must contain all essential terms (no missing essential terms) Third party beneficiary contracts: someone signing a contract that benefits someone else. Intended beneficiaries: intend to benefit the third party who is not in that. (get to sue) Incidental beneficiaries: parties did not intend to benefit the third-party. Assignment of rights: you can transfer the right of your contract to someone else. Assignor would no longer have interest in those rights. Inherits only those liabilities assignor was responsible for. Gave up all of his assigned rights to assignee. Is not relieved of liability contract unless novation granted by all parties.
