Editing Contracts/Third-party beneficiary
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then publish the changes below to finish undoing the edit.
Latest revision | Your text | ||
Line 1: | Line 1: | ||
{{:Contracts/TOC | {{:Contracts/TOC}} | ||
A '''third-party beneficiary''', in the [[law]] of [[contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[party (law)|party]] to the contract. This right, known as a ''ius quaesitum tertio'',<ref>{{cite web|url=http://www.legal-glossary.org/jus-quaesitum-tertio/ |title=Legal Definition of ius quaesitum tertio |publisher=legal-glossary.org |date= |accessdate=2014-09-12}}</ref> arises when the third party (''[[tertius (law)|tertius]]'' or ''alteri'') is the <u>intended beneficiary</u> of the contract, as opposed to a mere incidental beneficiary (''penitus extraneus''). It [[vesting|vests]] when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor (''promittens'', or performing party) or the promisee (''stipulans'', or anchor party) of the contract, depending on the circumstances under which the relationship was created. | A '''third-party beneficiary''', in the [[law]] of [[contract]]s, is a person who may have the right to sue on a contract, despite not having originally been an active [[party (law)|party]] to the contract. This right, known as a ''ius quaesitum tertio'',<ref>{{cite web|url=http://www.legal-glossary.org/jus-quaesitum-tertio/ |title=Legal Definition of ius quaesitum tertio |publisher=legal-glossary.org |date= |accessdate=2014-09-12}}</ref> arises when the third party (''[[tertius (law)|tertius]]'' or ''alteri'') is the <u>intended beneficiary</u> of the contract, as opposed to a mere incidental beneficiary (''penitus extraneus''). It [[vesting|vests]] when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor (''promittens'', or performing party) or the promisee (''stipulans'', or anchor party) of the contract, depending on the circumstances under which the relationship was created. | ||