MGMT 35400 Chapter Notes - Chapter 17: Commercial Paper

• School: Purdue University
• Department: Management
• Course: MGMT 35400
• Professor: thomas Brooks

Document Summary

Third-party beneficiary-third person whom the parties to a contract intend to benefit by the making of the contract and to confer upon such person the right to sue for breach of contract. Right-legal capacity to require another person to perform or refrain from an action. Duty-obligation of law imposed on a person to perform or refrain from performing a certain act. Assignment-transfer of a right; generally used in connection with personal property rights, as rights under a contract, commercial paper, an insurance policy, a mortgage, or a lease. Obligee-promisee who can claim the benefit of the obligation. Assignor-party who assigns contract rights to a third party. Assignee-third party to whom contract benefits are transferred. Cause of action-right to damages or other judicial relief when a legally protected right of the plaintiff is violated by an unlawful act of the defendant.