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Third Party Beneficiary
A third-party beneficiary, in the civil law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. This right, known as a ''ius quaesitum tertio'', arises when the third party ('' tertius'' or ''alteri'') is the intended beneficiary of the contract, as opposed to a mere incidental beneficiary (''penitus extraneus''). It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor (''promittens'', or performing party) or the promisee (''stipulans'', or anchor party) of the contract, depending on the circumstances under which the relationship was created. A contract made in favor of a third party is known as a "third-party beneficiary contract." Under traditional common law, the ''ius quaesitum tertio'' principle was not recognized, instead relying on the doctrine of privity of contract, which restricts rights, obligations, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract. The court in ''Currie v Misa'' declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pay It Forward
Pay it forward is an expression for describing the beneficiary of a good deed repaying the kindness to others rather than paying it back to the original benefactor. It is also called serial reciprocity. The concept is old, but the particular phrase may have been coined by Lily Hardy Hammond in her 1916 book ''In the Garden of Delight''. Robert Heinlein, Robert Heinlein's 1951 novel ''Between Planets'' helped popularize the phrase. "Pay it forward" is implemented in contract law of loans in the concept of third party beneficiaries. Specifically, the creditor offers the debtor the option of paying the debt forward by lending it to a third party beneficiary, third person instead of paying it back to the original creditor. This contract may include the provision that the debtor may repay the debt in kind, lending the same amount to a similarly disadvantaged party once they have the means, and under the same conditions. Debt and payments can be monetary or by good deeds. A related ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beneficial Interest
A beneficial interest is the right that a person has arising from a contract to which they are not a party, or a trust. For example, if A makes a contract with B that A will pay C a certain sum of money, B has the legal interest in the contract, and C the beneficial interest. More generally, a beneficial interest is any "interest of value, worth, or use in property one does not own", for example, "the interest that a beneficiary of a trust has in the trust".''Ballentine's Law Dictionary'', p. 48 (Legal Assistant edition, 1994). More specifically, it could be: * "A property interest that inures solely to the benefit of the owner", or * Property that "remains of an estate after the payment of debts and the expenses of administration", or * The right of a person having a power of appointment to appoint himself". ''Black's Law Dictionary'' defines beneficial interest as "Profit, benefit or advantage resulting from a contract, or the ownership of an estate as distinct from the legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Court Of Appeals
The New York Court of Appeals is the supreme court, highest court in the Judiciary of New York (state), Unified Court System of the New York (state), State of New York. It consists of seven judges: the Chief Judge of the New York Court of Appeals, chief judge and six associate judges, who are appointed by the Governor of New York, governor and confirmed by the New York State Senate, state senate to 14-year terms. The chief judge of the Court of Appeals also heads administration of the state's court system, and thus is also known as the chief judge of the State of New York. The Court of Appeals was founded in 1847 and is located in the New York Court of Appeals Building in Albany, New York. Nomenclature New York uses an unusual nomenclature for its state courts. In the Federal judiciary of the United States, federal court system and in all other U.S. states, the court of last resort is known as the "Supreme Court". New York, however, calls its lower courts the "New York State Sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specific Performance
Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Specific performance is almost never available for contracts of personal service, although performance may also be ensured through the threat of proceedings for contempt of court. An injunction, often concerning confidential information or real property, is a type or subset of specific performance and is one of the more commonly-used forms of specific performance. While specific performance can be in the form of any type of forced action, it is usually to complete a previously established transaction, thus being the most effective remedy in protecting the expectation interest of the innocent party to a contract. It is usually the opposite of a prohibitory ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restatement (Second) Of Contracts
The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law. It is one of the best-recognized and frequently cited legal treatisesAcceptable citation format under the Bluebook: "Restatement (Second) of Contracts § ___ (Am. L. Inst. 1981)." The Bluebook: A Uniform System of Citation § 12.8.5 (Columbia Law Review Ass'n et al. eds., 17th ed. 2000) in all of American jurisprudence. Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions. The American Law Institute began work on the second edition in 1962 and completed it in 1979; the version in use at present has a copyright year of 1981. For an explanation of the purpose of a restatement of law, see Restatement of the Law. Use and commentary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frustration Of Purpose
Frustration of purpose, in law, is a defense to enforcement of a contract. Frustration of purpose occurs when an unforeseen event undermines a party's principal purpose for entering into a contract such that the performance of the contract is radically different from performance of the contract that was originally contemplated by both parties, and both parties knew of the principal purpose at the time the contract was made..austlii Despite frequently arising as a result of government action, any third party or even nature can frustrate a contracting party's primary purpose for entering into the contract. The concept is also called commercial frustration. For example, suppose Joe gets a mortgage for a new home, and after three years, the home is destroyed, through no fault of Joe's. Without a hell or high water clause, Joe might be exempt from the remainder of the mortgage due to frustration of purpose, as the principal purpose of the contract, to have a home to live in, has been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Frauds
The Statute of Frauds ( 29 Cha. 2. c. 3) (1677) is an act of the Parliament of England. In its original form it required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and the subornation of perjury. It also required that documents of the courts be signed and dated. Today it is mostly repealed; only section 4 remains, which is about guarantors. History The attested date for the enactment of the Statute of Frauds is 16 April 1677 (New Style). The act is believed to have been primarily drafted by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins. When the Statute of Frauds was originally enacted, its sections and the clauses within section 4 were not numbered. Numbers where added when the act was republished in the '' Statutes at Large''. ''The Statute at Large'', Cambridge Edition published in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capacity (law)
Legal capacity is a quality denoting either the legal aptitude of a person to have rights and liabilities (in this sense also called transaction capacity), or the personhood itself in regard to an entity other than a natural person (in this sense also called legal personality). Natural persons Capacity covers day-to-day decisions, including: what to wear and what to buy, as well as, life-changing decisions, such as: whether to move into a care home or whether to have major surgery. As an aspect of the social contract between a state and its citizens, the state adopts a role of protector to the weaker and more vulnerable members of society. In public policy terms, this is the policy of '' parens patriae''. Similarly, the state has a direct social and economic interest in promoting trade, so it will define the forms of business enterprise that may operate within its territory, and lay down rules that will allow both the businesses and those that wish to contract with them a fai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estoppel
Estoppel is a judicial device whereby a court may prevent or "estop" a person from making assertions or from going back on their word. The person barred from doing so is said to be "estopped". Estoppel may prevent someone from bringing a particular claim. In common law legal systems, the legal doctrine of estoppel is based in both common law and equity. Estoppel is also a concept in international law. Types of estoppel There are many different types of estoppel, but the common thread between them is that a person is restrained from asserting a particular position in law where it would be inequitable to do so. By way of illustration: * If a landlord promises a tenant that he will not exercise his right to terminate a lease, and relying upon that promise the tenant spends money improving the premises, the doctrine of ''promissory estoppel'' may prevent the landlord from exercising a right to terminate, even though his promise might not otherwise have been legally binding as a co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tortious Interference
Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when one person intentionally damages someone else's contractual or business relationships with a third party, causing economic harm. As an example, someone could use blackmail to induce a contractor into breaking a contract; they could threaten a supplier to prevent them from supplying goods or services to another party; or they could obstruct someone's ability to honor a contract with a client by deliberately refusing to deliver necessary goods. A tort of negligent interference occurs when one party's negligence damages the contractual or business relationship between others, causing economic harm, such as by blocking a waterway or causing a blackout that prevents the utility company from being able to uphold its existing contracts with consumers. Description Tortious interference with contract rights Tortious interference with contract rights can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
