COMM 304 Lecture Notes - Lecture 11: Secondary Liability, Executory Contract, Loan Guarantee
Document Summary
Vince and peter cannot get together and create a contract in which elizabeth had to pay 40$. She is not part of the contract so it is not valid. Two kinds of assignments, statutory= all the rights are passed to the signee, straight transaction. If the car costs 32000, joe put down payment of 2000, what is passed on is everything that is to be paid (30000)=statutory assignment. If only part is passed down, 10000= equitable assignment. If notice is late to come to joe, and joe already made payment, then finance company as to deal with dealership for payment or portion they are entitled to. Assignment operates in spite of the rule of consideration and pivoty of contract. Fundamental breach of contract=failure to perform of the car, he would rather just pay rent for the length of time he had it for, return the car and get rest of his money back.
