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Essay / Research Paper Abstract
A 3 page paper that provides a brief overview of the terms contract and breach. The paper explains the types of third party beneficiaries and identifies those who could bring a lawsuit and those who cannot. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PG692164.doc
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Unformatted sample text from the term paper:
offer and acceptance in which something is offered in return for something; there must be mutual consideration, i.e., an exchange of value so that each party receives something; and there
must be performance or delivery (Larson, 2010). A breach of contract happens when one of the parties does not honor the terms of the contract. It is nonperformance of
the agreement. Breaches may be material or immaterial. An example of an immaterial breach could be a company that promises to deliver goods by Monday at 5:00 P.M. but delivers
them at 8:00 Tuesday morning. However, if the contract included the phrase "time is of the essence", it would become a material breach (FindLaw, 2010). In the typical contract, only
the parties to the contract have any rights and duties relative to the contract. There are some exceptions that have to do with third parties. There are different types of
parties to contracts. Restatement (First) of Contracts ? 133 identifies three types of third party beneficiaries. A donee beneficiary is a non-party who will benefit from a promise made relative
to a making a gift to that person (Cornell University Law School, 2011). A creditor beneficiary is a nonparty who receives the benefit when a promise is made to satisfy
a legal duty (Cornell University Law School, 2011). In each of these cases, the third party can enforce the contract in terms of its promise to that individual. When a
contract is intended to benefit a third person, that person becomes a third-party beneficiary and can enforce that contract (US Legal, 2010). A good example is an insurance policy. This
is a third party beneficiary contract in that it awards the amount to the identified beneficiary according to the terms of the policy. The beneficiary has the right to the
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