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A third-party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. This right, known as a ius quaesitum tertio , [ 1 ] arises when the third party ( tertius or alteri ) is the intended beneficiary of the contract, as opposed to a mere ...
U.S. courts, as well as courts in other jurisdictions, have found that, in appropriate circumstances, the implementer of a standard—that is, a firm or entity that uses a standard to render a service or manufacture a product—is an intended third-party beneficiary of the FRAND agreement, and, as such, is entitled to certain rights conferred ...
For example, if A contracts to sell his car for $100 to B, A may assign the benefits (the right to be paid $100) to C. [b] In this case, Party C is not a third party beneficiary, because the contract was not made for C's benefit. Assignment takes place after the contract was formed; they may not precede them. [citation needed]
If the delegatee fails to perform satisfactorily, the obligee may elect to treat this failure as a breach of the original contract by the delegator or may assert himself as a third party beneficiary of the contract between the delegator and the delegatee, and can claim all remedies due to a third party beneficiary.
In addition, section 48 of the Insurance Contracts Act 1984 (Cth) allows third-party beneficiaries to enforce contracts of insurance. Although damages are the usual remedy for the breach of a contract for the benefit of a third party, if damages are inadequate, specific performance may be granted (Beswick v. Beswick [1968] AC 59).
A theory sustains that is feasible to typify letter of credit as a collateral contract for a third-party beneficiary because letters of credit are prompted by the buyer’s necessity and in application of the theory of Jean Domat the cause of a letter of credit is that a bank issue a credit in favor of a seller to release the buyer of his ...
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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
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