Study Guides (238,206)
United States (119,693)
LGS 200 (22)
Tripp (5)

LGS 200 Midterm: Legal Studies Exam 2 Notes

2 Pages
Unlock Document

University of Alabama
Legal Studies
LGS 200

Chapter 9 Test covers 7, 9, & 10 Third Party Rights • Assignment of Rights ➢ Example: Mortgage signed between Brian and Wells Fargo. Wells Fargo (assignor) takes the mortgage and assigns it to Bank of America (assignee). Wells Fargo now steps out of the situation and is no longer involved. • Delegation of Duties ➢ Example: building a house. Brian agrees to pay $100,000 to the builder to build him a house. The builder will subcontract an electrician. If the electricity doesn’t work, Brian sues the builder and the builder can then sue the electrician. The builder is ultimately responsible for everything working. • Third Party Beneficiary Contract ➢ Example: Life insurance policy. Brian takes out a life insurance policy with State Farm for $100,000 and agrees to pay State Farm every month. Brian won’t ever benefit from the life insurance policy because he has to die. Therefore, his family will benefit and are called beneficiaries – intended beneficiary. If State Farm does not pay after Brian’s death then they are entitled to sue State Farm. • Incidental Beneficiary ➢ Example: There is a large amount of land behind Brian’s house and a contractor wants to develop the land. The contractor does not end up developing and Brian wants to sue because the development would have benefited him and his property value. He cannot do this because while they would have benefitted him, he still has no right to money. Chapter 10 Breach of Contract Jacob & Youngs v. Kent
More Less

Related notes for LGS 200

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.