BU231 Chapter Notes - Chapter 11: Fiduciary, Accounts Receivable, Cheque
Document Summary
Chapter 11 who can sue on a contract. Unpaid debt asset on the balance sheet. Unpaid bills owed to your business by its customer. Unperformed contractual right from a law perspective: choses in action as assets how we move them around. The people who made the promises: your neighbor cannot sue on your behalf if they were not given the contract or are in the contract. This relationship between parties to a contract is called: pivity of contract. Exceptions to the pivity rule read in textbook (each have a paragraph) were not in the original party. Novation end of contract: we end one contract and replace it with another contract, discharging contract number 1 and replacing it with contract 2. Exemption clauses: stop you from being sued. Trusts: trust fund baby pool of money to live off of your entire life. Give it to you on a monthly/ yearly basis.
