Editing Contracts/Third-party beneficiary
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===Acceptance=== | ===Acceptance=== | ||
A third-party beneficiary only acquires a right of action to enforce his benefit once he has accepted the benefit provided for in the contract. Under the [[South Africa]]n interpretation, however, prior to formal acceptance of the benefit, the third-party beneficiary only has a ''spes'', or expectation; in other words, he does not have the right to accept, but rather a mere competency.<ref>Elzette, Muller, "The Treatment of Life Insurance Policies in Deceased Estates with a Perspective on the Calculation of Estate Duty", ''Tydskrif vir Hedendaagse Romeins | A third-party beneficiary only acquires a right of action to enforce his benefit once he has accepted the benefit provided for in the contract. Under the [[South Africa]]n interpretation, however, prior to formal acceptance of the benefit, the third-party beneficiary only has a ''spes'', or expectation; in other words, he does not have the right to accept, but rather a mere competency.<ref>Elzette, Muller, "The Treatment of Life Insurance Policies in Deceased Estates with a Perspective on the Calculation of Estate Duty", ''Tydskrif vir Hedendaagse Romeins -Hollandse Reg'', 69, 2006, p. 262.</ref> Acceptance may also be a suspensive condition in certain contracts. Under [[Scots law]], acceptance is not necessary to be vested in a right of action, but is necessary to be liable. Before acceptance, however, the ''ius quaesitum tertio'' is tenuous so that acceptance of a benefit does not create a right, but rather entrenches that right. In either case, the contracting parties may vary or rescind the contract until acceptance or reliance.<ref>Philip Sutherland, "Third-Party Contracts", ''European Contract Law: Scots and South African Perspectives'', eds. Hector L. MacQueen & Reinhard Zimmermann (Edinburgh: Edinburgh UP, 2006), 215-6.</ref> | ||
==Intended v. incidental beneficiary== | ==Intended v. incidental beneficiary== |