BU231 Lecture Notes - Lecture 10: Fiduciary, Contactor, W. M. Keck Observatory
Document Summary
Privity of contract and assignment of contractual rights: Privity of k: the relationship that exists between the parties to a contract, privity means who is in this relationship. If hank is the ceo of a business, hank no longer has privity because hank is not in the contractual relationship, the business is. If there is no privity between the parties, then there is no right to obtain legal remedy based in contract law: there may be opportunity to obtain legal remedy through tort law where applicable. Rule can have harsh results therefore systems have been developed to get around the rule: have to have privity to be able to enforce it, novation means a brand new relationship, brand new contract. Vicarious performance: where a 3rd party performs on behalf of the promisor who remains responsible for proper performance, do(cid:374)"t (cid:272)o(cid:374)fuse it (cid:449)ith (cid:448)i(cid:272)arious lia(cid:271)ilit(cid:455) i(cid:374) tort la(cid:449, e. g.
