BLS 111 Chapter Notes - Chapter 17: Employment Contract, Contract, Sogeti
5 Mar 2018
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Legally enforceable rights under contract: contract assigned (transferred) to 3d party, intended to benefit a 3d person/party beneficiary. Delegation appointment of another person to perform a duty (pay ,000) Obligor person who owes a duty to perform under a contract (duty to owe) Obligee person to whom duty is owed (right to receive) Assignment obligee transfers his right to receive obligor"s performance to 3d party. Asignee person to whom right has been transferred. Accounts receivable money owed to business customers. Person making assignment, original obligee becomes assignor. Can be pleged as collateral for loan: evolution of the law regarding assignments imp. Early common law: no delegation because debts personal, identity of creditor. Now: free assignability of contracts: sources of assignment law today: common law and articles 2 & 9 of uniform. Article 2 assignment of rights for sale of goods. Article 9 security interests in account and other contract rights as well as outright sale of accounts.
