BLAW 2301 Lecture Notes - Lecture 4: Contract, Security Interest
Document Summary
Third party is someone who was not a party to the contract but stands to benefit from it. Intended beneficiary - may enforce a contract if the parties intended her to benefit. Incidental beneficiaries - someone who might have benefited from a contract between two other but has no right to enforce that agreement. I have a pool and my family is the intended, neighbors and friends are incidental. Obligee - one who has the obligation coming to her. Bank gives a month for putting your money in, the bank is the obligor and you are the obligee. But if you want to put the from your account to your daughters account, you are the assignor, she is the assignee. Would substantially change the obligor"s rights or duties under the contract. Assignment is prohibited if it would substantially change the obligor"s situation. Assignment is prohibited when obligor has agreed to provide personal services services.
