BU231 Study Guide - Midterm Guide: Negotiable Instrument, Intangible Property, Intestacy
Document Summary
Issue identi cation answer guide: privity of contract and the assignment of contractual rights:! Third party: a person who is not one of the parties to a contract but is affected by it. Privity of contract: the relationship that exists between parties to a contract! Vicarious performance: a third party performs contractual obligations on behalf of the promisor who remains responsible for proper performance. Exemption clause: a clause that exempts or limits the liability of a party. Trust: an arrangement that transfers property to a person who administers it for the bene t of another person. Trustee: a person or company who administers a trust. Bene ciary: a person who is entitled to the bene ts of a trust. Bene cial owner: a person who, although not the legal owner, may compel the trustee to provide bene ts to him.
