Law 206 Ch. 9 - Third Party Contracts
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This chapter discusses different types of third party contracts, including creditor beneficiary contracts that are created to extinguish debt and donee beneficiary contracts that are created to confer a gift. It distinguishes between intended and incidental beneficiaries and defines contractual assignments and how they affect the original parties. It also differentiates between assignments, delegations, and novations and explains how the UCC impacts third party contracts.
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This chapter defines contractual consideration and discusses key concepts like mutuality of consideration, benefit conferred vs detriment incurred, and what does and does not constitute legally sufficient consideration. It also explains the pre-existing duty rule, the impact of the UCC on consideration, promissory estoppel, accord and satisfaction, and how one becomes a guarantor.
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This chapter defines a contract and identifies its six basic requirements: offer, acceptance, consideration, legality, capacity, and intent. It explains the difference between bilateral contracts involving a promise for a promise and unilateral contracts involving a promise for an act. The chapter also differentiates between valid, void, voidable, and unenforceable contracts.
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Similar to Law 206 Ch. 9 - Third Party Contracts
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Quasi contracts are obligations imposed by law that are not true contracts as one or more essential elements of a contract are missing. They are based on principles of equity and justice to prevent unjust enrichment. Some types of quasi contracts include recovery of money paid by mistake or under coercion, or for necessaries provided. Quantum meruit allows recovery of payment for work done even if the full contract is not completed, in proportion to the work performed. Breach of contract involves failing to meet obligations of an agreement. Available remedies for the injured party include rescission, damages, specific performance, injunctions, and quantum meruit claims.
Performance of contracts
The document discusses various aspects of contract law including performance of contracts, tender of performance, assignment of contracts, discharge of contracts, breach of contracts, and damages. It notes that the parties must perform their promises under a contract unless performance is excused. It also discusses types of assignment, ways a contract can be discharged including performance, impossibility, and agreement, remedies for breach including damages and specific performance, and rules for ascertaining damages.
Indemnity and guarantee
This document discusses contracts of indemnity and guarantee under Nepalese law. It defines indemnity as a promise to compensate for loss or wrong incurred by another party. A contract of indemnity involves two parties - the indemnifier who promises to cover losses, and the indemnity holder who receives the promise. In contrast, a contract of guarantee involves three parties - a principal debtor, a surety who guarantees the debt, and a creditor. The key differences between the two contracts are that indemnity covers contingent losses while guarantee provides security against debt default, indemnity has two parties while guarantee has three, and the surety but not the indemnifier has a right of reimbursement from the
Special contract
There are three main types of contracts discussed in the document:
1. Contract of indemnity - This is a contract between two parties where one party promises to compensate the other for any losses.
2. Contract of guarantee - This involves three parties, where a surety guarantees to a creditor that a principal debtor will fulfill their obligations.
3. Pledge - This is a type of bailment contract where goods are delivered as security for a debt, with the pawnee retaining the goods until payment is made.
Foreign investment and technology transfer act
This document discusses contracts of indemnity and guarantees under Nepalese law. It defines indemnity as a promise to compensate for loss or wrongdoing. A contract of indemnity involves two parties - the indemnifier who promises to cover losses of the indemnity holder. In contrast, a contract of guarantee involves three parties - the creditor, principal debtor, and surety. The surety promises to repay the debt of the principal debtor if they default. Key differences between the two include that indemnity covers unanticipated losses while guarantee provides security against anticipated debt default. Indemnity liability arises immediately upon loss, while guarantee liability is secondary to the principal debtor's default.
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The document outlines key concepts related to commercial law and contracts in India across 5 units. It discusses contracts of indemnity, guarantee, bailment and pledge. A contract of indemnity involves two parties - the indemnifier who promises to protect the indemnity holder from losses. A contract of guarantee involves three parties - the principal debtor, creditor, and surety. The surety guarantees the debt of the principal debtor. Bailment involves the delivery of movable goods by the bailor to the bailee.
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Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptx
Indemnity in a literal sense means protection against loss. In an indemnity contract, one party – the indemnifier – promises to reimburse some other party – the indemnified – for the damage experienced by the other.
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The document discusses the statute of frauds and the types of contracts that must be in writing to be enforceable, including contracts for the sale of land, contracts that cannot be completed within one year, marriage contracts, and agreements to answer for the debt of another. It also explains the rationale for requiring these types of contracts to be in writing and the process for analyzing whether the statute of frauds applies in a given situation.
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This ppt was created by Dra. Daniela Zabala for a Legal English lesson. Universidad Católica de Cuyo sede San Luis.
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1) Performance of a contract means fulfilling the legal obligations created under the contract by each party. Only parties to the contract can demand performance. If a promisee dies, their legal heirs can enforce performance.
2) A contract must generally be performed by the promisor, but may also be performed by their agent, legal representatives, or a third party if accepted by the promisee. Joint contracts require performance by all joint promisors or their legal representatives.
3) Assignment involves transferring contractual rights and obligations to a third party, sometimes requiring the other party's consent. Novation substitutes a new contract between the original or new parties, discharging the old contract.
indeminty vs guarntee difference.pptx
Indemnity and guarantee are different types of contracts. Indemnity involves two parties, where one party promises to compensate the other for losses incurred due to their actions or a third party. Guarantee involves three parties, where one party promises to perform a contract or pay the debt of a third party if they default. The key differences are: indemnity involves two parties while guarantee involves three; indemnity compensates past losses while guarantee ensures future performance or payment of debt; and indemnity liability arises depending on a contingency while guarantee liability already exists.
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The document discusses performance and discharge of contracts. It defines performance of a contract as both parties fulfilling their obligations. There are different types of performance including actual, substantial, and attempted. A contract can be performed by the promisor, agent, legal representative, third person, or joint promisors.
A contract is discharged when the obligations end, which can occur through performance, agreement, lapse of time, impossibility, operation of law, accord and satisfaction, or breach. If a contract is breached, remedies for the non-breaching party include rescission, damages, specific performance, injunction, and quantum meruit. Sureties have rights against the principal debtor, creditor, and co-
Llb i bpoc u 4 specific contracts sections124 to 238
This document discusses various types of contracts including contracts of indemnity, guarantee, bailment, pledge, and agency. It provides details on the essential elements and parties involved in each type of contract. For contracts of indemnity and guarantee, it outlines the promisor, promisee, essential elements, rights and differences between the two. For bailment and pledge, it defines each term and discusses the bailor, bailee, duties, rights and types. Finally, it examines agency relationships, how agencies are formed, terminated and the duties and rights of the principal and agent.
Indemnity contract | contract law | contract II | KSLU
The document discusses several types of contracts under Indian law, beginning with contracts of indemnity, guarantee, bailment, and pledge. It then covers contracts of agency and partnerships under the Indian Partnership Act. Finally, it discusses the Sale of Goods Act regarding contracts of sale. For contracts of indemnity specifically, it defines key terms, outlines the essential elements, and describes the rights of the indemnity holder and duties of both parties. A contract of indemnity involves one party promising to compensate another for losses caused by the conduct of either the promisor or a third party.
Special contracts by bhawani nandan prasad it director
The document discusses various types of special contracts under Indian contract law, including indemnity, guarantee, bailment, and pledge. It provides definitions and essential elements of each contract. For indemnity, the indemnifier is liable for losses caused by themselves or others to the indemnified. For guarantee, there are three parties - creditor, principal debtor, and surety, with the surety guaranteeing payment if the debtor defaults. Bailment involves delivery of goods for a purpose, while pledge is a bailment where goods are security for a debt.
1. Contract of Indemnity (special contracts).pptx
The PPT explains the contract of indemnity, a part of special contract syllabus in the course of B.A. LL.B. It helps students understand the concept of indemnity in Indian contract act and its relationship with guarantee.
1656046.ppt
There are several remedies available for a breach of contract, including rescission of the contract, suits for damages, and specific performance. Damages awarded can include ordinary damages to compensate for natural and direct losses, special damages for unusual losses contemplated by the parties, and in rare cases exemplary damages to punish particularly egregious breaches. Other remedies are suits on quantum meruit if a contract is only partially performed, injunctions to prevent future breaches, and restitution to return benefits received under a void contract.
1656046.ppt
There are several remedies available for a breach of contract, including rescission of the contract, suits for damages, and specific performance. Damages awarded for breach of contract aim to compensate the injured party for losses directly resulting from the breach, and can include ordinary, special, nominal, or exemplary damages depending on the circumstances. The injured party may also sue for specific performance to enforce the contract, seek an injunction preventing further breach, or pursue restitution of benefits received under a void contract.
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Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptx
Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptx
Llb i bpoc u 4 specific contracts sections124 to 238
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Indemnity contract | contract law | contract II | KSLU
Indemnity contract | contract law | contract II | KSLU
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Ch02(1)
This chapter will define an offer, identify the three conditions necessary for a valid offer, explain the requirement of certainty in offer terms, list the four required offer terms, discuss the Uniform Commercial Code (UCC) and its impact on traditional contract law offers, define output contracts, apply offer concepts to contract clauses, demonstrate how to draft a basic offer, and indicate the difference between contracting with a public or merchant party. An offer is a proposal to enter a contract that must manifest intent, be communicated, and have certain definite terms including price, subject matter, parties, and performance time. The UCC codifies contractual sale of goods concepts.
Ch04(1)
This chapter defines key concepts related to contractual consideration including defining consideration, mutuality of consideration, benefits conferred versus detriments incurred. It will also discuss exceptions to consideration such as pre-existing duty, and the impact of the Uniform Commercial Code. Additional topics covered include promissory estoppel, accord and satisfaction, and how one becomes a guarantor.
Ch05(1)
This chapter discusses the concepts of legality and contractual capacity. It defines two types of illegal contracts: malum in se, which are inherently against public policy; and malum prohibitum, which violate minor laws but are not morally reprehensible. The chapter lists the types of contracts covered by the Statute of Frauds and explains usury. It differentiates infants from minors and discusses how alcohol and drugs can impact contractual capacity.
Ch06(1)
This chapter defines key concepts related to contractual intent such as fraud, misrepresentation, duress, undue influence, and mistakes. It differentiates fraud from misrepresentation and lists the three types of duress. It also discusses contracts of adhesion and how mistakes, whether mutual or unilateral, can impact contract formation and enforceability. The overall intent is to explain how these concepts can be applied to potentially void contracts.
Ch07(1)
This chapter discusses key concepts related to contract law including:
- The distinction between covenants and conditions
- Rules for interpreting contracts including the parol evidence rule
- The types of contracts governed by the Statute of Frauds such as real estate contracts, marriage agreements, contracts lasting over a year
- Conditions precedent, concurrent and subsequent and how conditions are created
- Analyzing contracts to understand parties' rights and obligations
Ch10(1)
This chapter discusses various ways that contractual obligations can be discharged or excused, including performance, breach of contract, agreement of parties, impossibility of performance, frustration of purpose, and death or destruction of subject matter. It will define key concepts like anticipatory breach, tendering performance, material and minor breaches, and mutual rescission. It will also differentiate between conditions that excuse performance and those that discharge obligations.
Ch11
This document provides an overview of legal and equitable remedies for breaches of contract. It defines compensatory, punitive, consequential, and liquidated damages as legal remedies. It also discusses injunctions, specific performance, rescission, restitution, and reformation as equitable remedies, as well as quasi-contractual remedies and the effect of waivers.
Ch03
This chapter discusses key concepts related to acceptance and offer in contract law, including: defining acceptance; differentiating acceptance from counter-offers; explaining who can accept an offer and how offers are accepted; discussing the impact of the mailbox rule and methods of revoking or terminating an offer. It also covers the mirror image rule and how silence affects an offer.
Ch02
This chapter will define offer and identify the three conditions necessary for a valid offer: 1) the offeror must manifest present contractual intent, 2) the offer must be communicated to the offeree, and 3) the offer must be certain and definite in its terms. It will also list the four required terms in a valid offer: price, subject matter, parties, and time of performance. Finally, it will discuss the impact of the Uniform Commercial Code on traditional legal principles of a contractual offer.
Ch 20 Appeals Process
The document summarizes the appellate and postconviction relief processes in the US criminal justice system. It describes the different levels of appellate courts, from intermediate appellate courts to courts of last resort. It then explains the various stages of the appellate process, including filing notices of appeal, submitting briefs, oral arguments, and issuing opinions. The document also discusses options for postconviction relief like habeas corpus petitions that allow prisoners to challenge their convictions after exhausting appeals. It provides an example of the lengthy appeals process in the Robert Glen Coe death penalty case over two decades.
Ch 19 Sentencing and Punishment
The document discusses the history and justifications of criminal punishment including retribution, deterrence, incapacitation, and rehabilitation. It then covers sentencing alternatives and factors considered in sentencing such as felony vs misdemeanor crimes, presentence reports, and truth-in-sentencing laws. Finally, it briefly outlines probation, parole, the growth of the US prison population, and characteristics of those incarcerated.
Ch 18 Criminal Trial
This document summarizes key aspects of criminal trial procedures in the United States, including common pretrial motions, Sixth Amendment rights of defendants, the right to a jury or bench trial, jury selection processes, rules of evidence, order of trial procedures such as opening statements and presenting the prosecution and defense cases, jury instructions, closing arguments, jury deliberations, and potential outcomes such as jury verdicts, hung juries, and jury nullification.
Ch 17 Pretrial Process
The document summarizes key aspects of the pretrial process in criminal cases, including:
1) Summary trials for minor offenses where a jury is not required if incarceration is less than 6 months. Defendants often plead guilty without counsel.
2) Elaborate pretrial procedures for felonies including initial appearance, grand jury, preliminary hearing, and arraignment where a plea is entered.
3) Most cases are resolved pretrial, with about 25% resulting in convictions as cases attrite through the system.
Ch 16 Arrest, Interrogation & ID
The document discusses various topics related to arrest, interrogation, and identification procedures by law enforcement. It covers the definition of arrest and when an arrest is required to have a warrant. It also discusses warrantless arrests, the use of force during arrests, and several high-profile cases involving alleged police brutality. The document also summarizes Supreme Court rulings on the use of force, interrogations, Miranda warnings, and police identification procedures such as lineups, showups, and photo arrays.
Ch 15 Search and Seizure
The Fourth Amendment protects against unreasonable searches and seizures. It was incorporated against the states through the Fourteenth Amendment. There is no reasonable expectation of privacy in open fields, abandoned property, or areas impliedly open to the public. Searches generally require a warrant based on probable cause, though there are exceptions such as consent, exigent circumstances, and searches incident to arrest. Evidence obtained in violation of the Fourth Amendment is generally inadmissible due to the exclusionary rule.
Ch 14 Criminal Responsibility and Defenses
The document discusses criminal responsibility and defenses. It covers topics like insanity, intoxication, infancy, justification, excuse, use of force defenses like self-defense, and reforms to insanity defense laws. Key cases discussed include M'Naghten, Durham test, and Hinckley case which led to reforms placing burden of proof on defendants for insanity pleas.
Ch 13 Offenses Against Justice & Public Admin
The document discusses various offenses against justice and public administration. It covers common law misdemeanors such as bribery, perjury, resisting arrest, obstruction of justice, compounding a crime, escape, and contempt. It also examines modern statutes that have expanded on these offenses. Bribery statutes now cover influencing any public official, not just those related to justice. Perjury requires knowingly making a false statement under oath that is material to the matter. Obstruction of justice encompasses any acts that impede police or justice.
Ch 12 Public Order, Safety & Security
The document summarizes various criminal offenses related to public order, safety, and security. It discusses common law and statutory definitions of unlawful assembly, riot, and disorderly conduct. It also covers offenses such as vagrancy, loitering, curfews, panhandling, traffic violations, weapons possession, immigration violations, and crimes against national security like treason, sabotage, espionage, sedition, terrorism and weapons of mass destruction. Key Supreme Court cases addressing some of these issues are also summarized.
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Law 206 Ch. 9 - Third Party Contracts
- 1. Chapter 9 THIRD PARTY CONTRACTS In this chapter you will: List the different types of third party contracts Discuss third party creditor beneficiary contracts Discuss third party donee beneficiary contracts Distinguish between an intended and an incidental beneficiary Define a contractual assignment Discuss the effect of an assignment on the original contracting parties Indicate how a gratuitous assignment may become irrevocable Differentiate between an assignment and a novation Distinguish a delegation from an assignment Explain the effect of the UCC on third party contracts
- 2. Third Party Beneficiary Contracts Agreements in which the original intent of one of the contracting parties, when entering into the contractual agreement, is to have the promised-for consideration pass not to her, but to some outside person
- 3. Two Types of Third Party Beneficiary Contracts Third party creditor beneficiary contract: the purpose is to extinguish a debt or obligation owed to some third party Third party donee beneficiary contract: the purpose is to confer a gift on a third person
- 4. Third Party Beneficiary Contracts Creditor Beneficiary Donee Beneficiary Created to extinguish debt Created to confer gift Rights vest with detrimental Rights vest on knowledge reliance Can sue promisor or promisee Can sue promisor only Promisor/promisee can defend by Promisor can defend by asserting asserting any claim he has against any claim he has against promisee the other contracting party
- 5. Assignment An assignment is the transfer of a promisee’s rights under an existing contract Assignments come into existence after the original contract is created A promisee may not assign his rights without the consent, express or implied, of the promisor