Law 2101 Study Guide - Quiz Guide: Lightning, Absolution
Document Summary
Privity: a person cannot incur liability where there are not a party involved, protects the rights of third parties to a contract. Constructive trusts: trust an agreement whereby a party (the trustee) holds property for the benefit of another (beneficiary) If a person refuses to take court action, a beneficiary may be entitled to do so as they can join the trustee as a party defendant. Novation: substitution or replacing of parties in a contract, with mutual consent, this terminates the original contract and establishes a new one. Equitable assignment: an assignment that could be enforced if all parties could be brought before the court. Statutory assignment: assignment of rights that an assignee may enforce if certain conditions are met, four conditions: Title of assignee subject to equities under original parties to contract. *if you hire britney spears to sing at your party, you don"t want her cousin doing it.
