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A comprehensive study guide for business 202 exam 2, covering chapters 17 and 19 of the course material. It provides detailed explanations and expert answers on key topics related to contract law, including privity of contract, assignment and delegation, intended and incidental beneficiaries, and various contract remedies such as monetary damages, equitable remedies, and quasi-contracts. The guide covers important legal principles, definitions, and scenarios to help students prepare for the upcoming exam. With its detailed coverage of the subject matter and practice questions, this document could be a valuable resource for university students enrolled in business, law, or related programs as they study for their exams, write essays, or engage in other academic activities.
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Ch 17 Third party rights Privity of Contract The principle that a contract is a private agreement between the parties who have entered into it. In a Privity of Contract Only original parties to a contract have rights and liabilities under the contract. Assignment Transfer of contractual rights. Delegation Transfer of contractual duties
An assignment or a delegation occurs AFTER the original contract was made. Assignor Party assigning rights to third party Assignee Party receiving rights Obligee Person to whom a duty or obligation is owed. Obligor Person who is obligated to perform the duty.
Notice of Assignment Once assignment is made, assignee should notify the obligor of the assignment. Delegator The party delegating the duties. Delegatee Is the party to whom the duties are delegated. Delegations need... Intention. Duty that cannot be delegated Duties that are Personal in Nature (special trust). Delegation cannot be made If the third party is lacking the materials.
When a delegation happens The obligee must accept performance from the delegatee. Can the obligee sue the deligatee? Yes. They can sue the delegates and the delegator for nonperformance. They can only collect damages. Intended Beneficiaries A promisee intended to confer on the beneficiary the right to bring suit to enforce the contract. Essentially a third party joins the contract for benefits. Incidental Beneficiaries Person whom contracting parties did not intend to benefit when they contracted but happens to get benefits. Essentially a third party accidentally gets benefits for a contract. Can Incidental Beneficiaries sue for breach of contact?
Consequential damage A type of damage in law. It covers indirect and foreseeable losses. Punitive damage A damage in law. It punishes deters and wrongdoing. Nominal damage A damage in law. It recognizes wrongdoing when no monetary loss is shown. With compensatory damages, it is designed too... Compensate nonbreaching party for loss of the bargain. Compensatory damages provide a plaintiff with... The monetary amount necessary to replace what was lost, and nothing more.
What is standard measure? It is the difference between value of promised performance and value of substitute performance. How do you measure compensatory damages with sale of goods? It is the difference between contract and market price. How do you measure compensatory damages with sale of land? You owe them back specific performance. With consequential damages what should the offender give to the injured? The breaching part is aware or should be aware that their breach will cause the injury party additional loss beyond compensating Plaintiff for the breach of contract Mitigation of Damages
Penalize and are usually unenforceable. Nominal damages have no... Financial loss. Liquidated Damages Specific amount agreed to be paid as damages in the event of future breach. Equitable remedies are...
If one party fails to preform their duty in a contract. The other party is entitled for a... Recession. Restitution A equitably remedy where both parties rescind the contract and provide their returning goods, property, or funds previously conveyed. Reformation A equitable remedy allowing a contract to be reformed or rewritten to reflect the parties' true intentions. Reformation allows For contracts to be rewritten so that their true meaning is more clear. Reformations are available when... An agreement is imperfectly expressed in writing.
