BUL 4421 QUESTIONS AND ANSWERS LATEST
UPDATE (ALREADY GRADED A+).
Sufficiency of the writing generally requires
• The names of the parties to the contract
• The subject matter of the agreement
• The consideration given for the contract
• All relevant contractual terms
• The signature of at least the party against whom enforcement is sought o Land-sale contracts require
additional terms such as identifying the land with a degree of specificity (description of the land)
Parol evidence rule
a common law rule stating that oral evidence of an agreement made prior to or contemporaneously
with the written agreement is inadmissible when the parties intend to have a written agreement be the
complete and final version of their agreement
Integrated contracts
written contracts within the statute of frauds intended to be the complete and final representation of
the parties' agreement, thus precluding the admissibility of parole evidence other than in certain
enumerated exceptions
Merger clause
one-way parties can indicate their desire to create an integrated contract
• This clause explicitly states the written contract is intended to be the complete and final version of the
contract between the parties and the other possible agreements between the parties, besides the one in
question, are not part of the final written agreement
Obligors
contractual party who agreed to tender consideration to obligee
Obligee
contractual part who agreed to receive consideration from obligor
Assignment
the transfer of rights under a contract to a third party
Assignor
party to a contract who transfers their rights to a third party
Assignee
party not in privity to a contract who is the recipient of a transfer of rights to a contract
, Delegation
transfer of duty under a contract to a third party
Delegatee
party not in privity to a contract who is the recipient of a transfer of duty to a contract
Delegator
party do a contract to transfers their duty to a third-party
Delegation
After delegation, although the delegatee is bound to perform, the delegator remains liable if the
delegatee fails to perform
Third party beneficiary
Created when two parties enter into a contract with the purpose of benefiting a third party, called the
intended beneficiary
-Beneficiary need not be named in the contract, as long as the terms of the contract or events occurring
after its creation make it clear who he or she is
Creditor beneficiary
third-party that benefits from a contract in which the promisor agrees to pay the promisee's debt
Donee beneficiary
third-party who benefits from a contract in which the promisor agrees to give a gift to the third party
Incidental beneficiary
contracting parties don't intend to benefit someone but unintentionally do, they are the incidental
beneficiary.
-May not sue to enforce the contract
Vesting
intended beneficiary cannot sue to enforce their rights to the contract until they vest, or mature or such
that they can legally act upon them.
-before third parties rights have vested their original contracting parties can make changes to the
original contract without the third parties permission
Discharge
when a party's obligations under a contract are terminates, the party is discharged.
Conditions
• Condition precedent
• Conditions subsequent
• Conditions concurrent
UPDATE (ALREADY GRADED A+).
Sufficiency of the writing generally requires
• The names of the parties to the contract
• The subject matter of the agreement
• The consideration given for the contract
• All relevant contractual terms
• The signature of at least the party against whom enforcement is sought o Land-sale contracts require
additional terms such as identifying the land with a degree of specificity (description of the land)
Parol evidence rule
a common law rule stating that oral evidence of an agreement made prior to or contemporaneously
with the written agreement is inadmissible when the parties intend to have a written agreement be the
complete and final version of their agreement
Integrated contracts
written contracts within the statute of frauds intended to be the complete and final representation of
the parties' agreement, thus precluding the admissibility of parole evidence other than in certain
enumerated exceptions
Merger clause
one-way parties can indicate their desire to create an integrated contract
• This clause explicitly states the written contract is intended to be the complete and final version of the
contract between the parties and the other possible agreements between the parties, besides the one in
question, are not part of the final written agreement
Obligors
contractual party who agreed to tender consideration to obligee
Obligee
contractual part who agreed to receive consideration from obligor
Assignment
the transfer of rights under a contract to a third party
Assignor
party to a contract who transfers their rights to a third party
Assignee
party not in privity to a contract who is the recipient of a transfer of rights to a contract
, Delegation
transfer of duty under a contract to a third party
Delegatee
party not in privity to a contract who is the recipient of a transfer of duty to a contract
Delegator
party do a contract to transfers their duty to a third-party
Delegation
After delegation, although the delegatee is bound to perform, the delegator remains liable if the
delegatee fails to perform
Third party beneficiary
Created when two parties enter into a contract with the purpose of benefiting a third party, called the
intended beneficiary
-Beneficiary need not be named in the contract, as long as the terms of the contract or events occurring
after its creation make it clear who he or she is
Creditor beneficiary
third-party that benefits from a contract in which the promisor agrees to pay the promisee's debt
Donee beneficiary
third-party who benefits from a contract in which the promisor agrees to give a gift to the third party
Incidental beneficiary
contracting parties don't intend to benefit someone but unintentionally do, they are the incidental
beneficiary.
-May not sue to enforce the contract
Vesting
intended beneficiary cannot sue to enforce their rights to the contract until they vest, or mature or such
that they can legally act upon them.
-before third parties rights have vested their original contracting parties can make changes to the
original contract without the third parties permission
Discharge
when a party's obligations under a contract are terminates, the party is discharged.
Conditions
• Condition precedent
• Conditions subsequent
• Conditions concurrent
