Briefly discuss the enforceability of contracts by third parties
Contracts can be enforced by third parties when they were intended beneficiaries of the contracting parties. Intended beneficiaries would include creditor and donee beneficiaries. Others who might benefit from a contract but the parties did not intend to benefit are called incidental beneficiaries. They have no right to enforce the contract.
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What are the three general heuristics that are used to simplify decision-making?
What will be an ideal response?
Under comparative negligence, the court apportions damages between parties in proportion to the degree of fault or negligence it finds against them
a. True b. False Indicate whether the statement is true or false
The government market
A. normally uses a mandatory bidding procedure. B. usually buys from the lowest-price supplier that can meet the written specifications. C. is the largest customer group in the United States, accounting for about 30 percent of the gross domestic product. D. often relies on an "approved supplier list" for routine items that are bought frequently. E. All these answers are correct.
Barbara and Johann are parties to a contract. They agree on a novation. The novation requires A) the existence of a previous, valid obligation
B) consideration greater than $5,000. C) performanceof the original contract by all of the parties. D) an accord and satisfaction.