COMMERCE 4SD3 Study Guide - Midterm Guide: Subrogation, Fundamental Breach, Oral Contract

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SD3
• Professor: Paul Stillman

Document Summary

Adr using private procedures instead of the courts to resolve disputes. Agent a person acting for another person in contractual relations with third parties. Anomalous endorsement an endorsement that is not added for the purpose of negotiating the instrument but as a guarantee to make it easier for the drawer to obtain credit on the bill. Anticipatory breach a breach that occurs in advance of the time agreed for performance of a contract. Assignee a third party to whom rights under a contract have been assigned. Assignment a transfer by a party of its rights under a contract to a third party. Assignor a party that assigns its rights under a contract to a third party. Attachment the (cid:373)o(cid:373)e(cid:374)t i(cid:374) ti(cid:373)e (cid:449)he(cid:374) a de(cid:271)tor"s propert(cid:455) (cid:271)e(cid:272)o(cid:373)es su(cid:271)je(cid:272)t to a se(cid:272)urit(cid:455) i(cid:374)terest. Bailee party accepting possession of goods from a bailor. Bailment a transfer of possession of personal property without a transfer of ownership. Battery unlawful physical contact with another person.