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Contract law. 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 ...
The beneficiary is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued"). The issuing bank is the bank that issues the credit, usually following a request from an applicant.
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). The issue of third-party beneficiaries has appeared in cases where a stevedore has claimed it is covered under the exclusion clauses in a bill of ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que ...
After the assignment of contractual rights, the assignee will receive all benefits that had accrued to the assignor. 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 ...
Pay it forward. Pay it forward is an expression for describing the beneficiary of a good deed repaying the kindness to others rather than paying it back to the original benefactor. It is also called serial reciprocity. The concept is old, but the particular phrase may have been coined by Lily Hardy Hammond in her 1916 book In the Garden of ...
t. e. In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event triggering transfer of possessory ownership.
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87 (1). Typically, an offeree can provide consideration for ...