BU231 Lecture Notes - Lecture 20: Conveyancing
Document Summary
Iou- promise under california government seal stating they will pay them money with interest. You can offer something less than that because it"s not very liquid. California is pretty broke, so there is a chance they could default. California or tax payer who must then sue california. This relationship between parties to a contract is called : privity of a contract. Vicarious performance- someone else does it for you. Benefit of the contract- what the other party still must do for you. Burden of the contract- what you still must do for the other party. Transferring the right to collect the benefit of a contract to a third party. The third party can then enforce a contract that he was not a party to. The first contract creates the choses of action and the second contract transfers the choses in action to a third party.
