BU231 Lecture Notes - Lecture 11: Life Insurance, Multiple Choice, W. M. Keck Observatory
Document Summary
The relationship between the parties is the privity of the contract. Privity states that only the parties in the contract may sue on it. Exceptions to the privity rule gi(cid:448)es outside parties" rights & responsibilities (multiple choice) Tort: to fill the gaps where there are no contracts (contracts have e(cid:454)isted fore(cid:448)er tort si(cid:374)(cid:272)e (cid:1005)8(cid:1004)(cid:1004)s(cid:895). Vicarious performance someone else did it for you: someone is going to be held liable. Ex: contraction contract from laurier to build lh and the contraction company hires other people to complete the contract with. Novation end the contract: replacing one party in the contract. You change the subject matter or persons in the contract. Exemption clauses: in standard form contracts like gym membership that does not let you sue even if the privity rule says you can. The richer you are, the longer the trust lasts. You give the executor the job of managing the trust for any minors included in the trust.
