Contract Parties & Roles Flashcards

Contract Parties & Roles Flashcards
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Non-assignment clause
This is something that is included in a contract to forbid the reassignment of a contract.
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Assignment of rights
When one party still maintains the responsibility to complete a contract and another party gets the rewards, this type of contract assignment has been arranged.
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Contract assignment
This type of contract assignment is made when one original party gives the entire contract to someone else.
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Third-party beneficiary
This party is not named in a contract and is not obligated to the terms of the contract but does receive benefits from the contract.
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Breach of contract
An intentional beneficiary can sue for this when the terms of a contract are not met.
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Incidental beneficiary
When someone is a non-party to a contract but still receives a reward from the contract, they are called this.
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Intentional beneficiary
This type of third-party beneficiary is a primary party to a contract and can sue when there is a breach of contract.
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Effects of mental illness on contracts
To enter a contract, a person must be free of medical conditions involving this category of illnesses, which includes schizophrenia.
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Capacity (in a legal sense)
This legal term stands for whether a person has the age of maturity, at least 18, and mental state, including not being influenced by alcohol or drugs, to enter into a contractual agreement.
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19 cards in set

Flashcard Content Overview

After going through the concepts covered in these flashcards, you will know more about legal capacity, including the roll of mental illness when agreeing on a contract. You will also learn who is a third-party beneficiary. We'll cover intentional and incidental beneficiaries, along with who can sue for a breach of contract. The definition of contract assignment is also reviewed in detail, and you'll learn what an assignment is and who are the parties to an assignment, along with what it means to have a non-assignment clause. The two types of assignments, contract assignment and assignment of rights, are defined, as are non-compete agreements. Finally, delegation is also defined, along with who is a delegator and delegate.

Front
Back
Capacity (in a legal sense)
This legal term stands for whether a person has the age of maturity, at least 18, and mental state, including not being influenced by alcohol or drugs, to enter into a contractual agreement.
Effects of mental illness on contracts
To enter a contract, a person must be free of medical conditions involving this category of illnesses, which includes schizophrenia.
Intentional beneficiary
This type of third-party beneficiary is a primary party to a contract and can sue when there is a breach of contract.
Incidental beneficiary
When someone is a non-party to a contract but still receives a reward from the contract, they are called this.
Breach of contract
An intentional beneficiary can sue for this when the terms of a contract are not met.
Third-party beneficiary
This party is not named in a contract and is not obligated to the terms of the contract but does receive benefits from the contract.
Contract assignment
This type of contract assignment is made when one original party gives the entire contract to someone else.
Assignment of rights
When one party still maintains the responsibility to complete a contract and another party gets the rewards, this type of contract assignment has been arranged.
Non-assignment clause
This is something that is included in a contract to forbid the reassignment of a contract.
Rescission clause
This type of clause applies to those contracts where a party can rescind a contract if assignment is given.
The two types of assignments for contracts
Contract assignment and assignment of rights
Non-compete agreement
This type of agreement is considered personal and forbids the reassignment of a contract. When it is signed, the party cannot work for a competing company within a certain time frame.
Condition subsequent
This type of rescission clause in a contract means that when an assignment occurs the contract is immediately rescinded.
Assignor
This party, who was original to the contract agreement, gives over its rights to another party.
Assignee
This party, who was not considered original to the contract agreement, gets the rights to a contract, but also has the obligations.
Contract assignment
This happens when one of the original parties in a contract passes along the contractual obligations and rewards to another party.
Delegation
When one specific task is required to meet the obligations of the contract and that task is given to another party this has occurred.
Delegator
When delegation occurs, this party is still responsible for completing the terms of the contract.
Delegatee
When delegation happens, this party is responsible for completing one specific task.

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