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- Learn the definition for third-party beneficiaries.
- Identify the parties associated with third-party beneficiaries.
- Study vesting and enforceable claims.
- Find out when a promisor or promisee can bring forth an action.
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.
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