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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 misled party who, knowing of the misrepresentation, fails to take steps to avoid the contract will be deemed to have affirmed through "laches", as in Leaf v International Galleries; [79] [80] [81] and the claimant will be estopped from rescinding. The time limit for taking such steps varies depending on the type of misrepresentation.
An assignment clause either expressly prohibits or permits transfers of rights or obligations under the contract to a third party to the contract. An example: Neither this Agreement nor any of the rights, interests or obligations under the Agreement shall be assigned, in whole or in part, by operation of law or otherwise by either party without ...
The Paul Armstrong Company et al, 263 NY 79 (1933) "In every contract there is an implied covenant that neither party shall do anything, which will have the effect of destroying or injuring the right of the other party, to receive the fruits of the contract, which means that in every contract there exists an implied covenant of good faith and ...
A Himalaya clause is a contractual provision expressed to be for the benefit of a third party who is not a party to the contract. Although theoretically applicable to any form of contract, most of the jurisprudence relating to Himalaya clauses relate to maritime matters, and exclusion clauses in bills of lading for the benefit of employees, crew, and agents, stevedores in particular.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]
Michigan’s 1988 ban on surrogacy contracts came about, in part, as a response to the so-called “Baby M” legal case. At the time, the state was home to the world’s largest surrogate clinic ...
A third-party beneficiary, in the civil 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 ...
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