About This Chapter
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- Students who have fallen behind in understanding third party beneficiaries or working with the parties involved
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
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- Students who need an efficient way to learn about third party beneficiaries
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- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Contract Law and Third Party Beneficiaries chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
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Students will review:
This chapter helps students review the concepts in a Contract Law and Third Party Beneficiaries unit of a standard college business course. Topics covered include:
- Third party beneficiaries and contracts
- Vesting and enforceable claims
- Right of promisors and promisees in contracts
1. Third-Party Beneficiaries & Contracts: Definition & Parties
There are two primary parties to a contract, a promisor and a promisee. However, there are times when a contract actually benefits a third party. These third parties are known as third-party beneficiaries and can be intentional beneficiaries or incidental beneficiaries.
2. Rights of a Beneficiary: Vesting & Enforceable Claims
Intentional third-party beneficiaries to a contract are indirect parties but receive a benefit from a contract because of the promise of a gift or receives a benefit because of a debt owed through performance by the promisee.
3. Rights of Promisors and Promisees in Contracts
There are two parties to a contract, a promisor and a promisee. Each holds a responsibility to the contract but in different ways. As each role indicates, one party makes a promise, and the other party benefits from the promises made.
4. How to Write an Addendum to a Contract
To modify aspects of a contract, an addendum is added to ensure all parties are in agreeance with the content. But what is an addendum exactly? In this lesson, you will learn what an addendum to a contract is, how to create an addendum, how to ensure the addendum is legal, and how to ensure that the addendum can be enforced.
5. Addendum vs. Appendix in Contracts: Definition & Difference
When a contract is formed, the parties might want to make changes or additions. In this lesson, we will learn the difference between an addendum and an appendix to a contract.
6. Contract Addendum vs. Attachment
Contracts contain multiple parts that can be confusing for any individual that is not well-versed in the subject. This lesson will define contract addendum and contract attachment, providing the reader with a comparison of the two.
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Other chapters within the Business Law: Help and Review course
- History of American Law: Help and Review
- Sources of Law: Help and Review
- Constitutional Law: Help and Review
- American Legal Systems: Help and Review
- Legal Procedures: Help and Review
- Contract Law Basics: Help and Review
- Capacity in Contract Law: Help and Review
- Contracts - Assignment and Delegation: Help and Review
- Contracts - Statute of Frauds: Help and Review
- Contracts - Scopes and Meanings: Help and Review
- Contracts - Breach of Contract: Help and Review
- Contracts - Discharge of Contracts: Help and Review
- The Legal Environment: Help and Review
- Securities and Antitrust Law: Help and Review
- Property Law: Help and Review
- Employment and Labor Law: Help and Review
- Creditors' Rights: Help and Review
- Product Liability and Consumer Protection: Help and Review
- International Business Law: Help and Review
- Torts in Business Law: Help and Review
- The Role of Agency in Business Law: Help and Review
- Types of Business Organizations: Help and Review
- Sales & the Law: Help and Review
- Small Business Employment Law
- Consumer Protection
- Essentials of Contract Law
- Moral Philosophies & Business Ethics