Give a definition to the term «privity of contract».

Unit 7

1. Give a definition to the term «privity of contract».

Privity of contract – is the principle that third parties have no rights and as such cannot enforce contractual provisions. 2 exeptions.

2. Give a definition to the term «promisee».

person to whom a promise or an assurance that something will or will not be done is made.

3. Give a definition to the term «promisor».

Promisor – is a person who makes a promise or an assurance that he will or will not do something.

4. Compare the terms «intended beneficiary» and «incidental beneficiary».

Intended beneficiary – is a person who was planned to benefit from a contract but is not party to that contract. As a result of this, this person obtains rights to enforce the contract.

Incidental beneficiary – is a person who was not planned to benefit from a contract and is also not party to that contract. This person does not gain any rights under the contract.

5. Give a definition to the term «assignor».

Assignor – is a person who transfers his/her rights or duties to another

6. Give a definition to the term «assignee».

Assignee – is a person who receives an assignment.

7. Give a definition to the term «delegator».

Delegator – is a person who transfers his duties to another.

8. Give a definition to the term «delegate(e)».

Delegate(e) – is a third party in a delegation to whom the duties have been transferred.

9. Give a definition to the term «assignment of contract».

Assignment of contract – is a transfer of a contract to another person. Include assignment of rights and deligation of duties.

10. Explain the right of first refusal from the angle assigning rights and delegating duties.

The right of first refusal takes place, when party assigns, transfers or sells its interest in the shares and it shall be subjected to the non-assigning party (company). The right of first refusal shall be exercised in the manner:

- The assigning party shall give the non-assigning party a written notice which will set forth all terms and conditions of the proposed assignment, all available information concerning the proposed assignees employment history, financial condition, credit history, skill and qualifications;

- Within 10 days after receipt of notice or information the non-assigning party may consent or withhold its consent to the assignment. Either this party can accept the assignment to itself or to its nominee;

- If the non-assigning party consents to the assignment, the assigning party shall be free to assign the shares on the terms and conditions specified in the notice. If the terms are materially changed, there should be a new proposal and the non-assigning party shall have a right of first refusal with respect to the new terms.

⇐ Предыдущая 1 234 5 6 7 8 9 10 Следующая ⇒