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A donee beneficiary is when a contract is made expressly for giving a gift to a third party, the third party is known as the donee beneficiary. The most common donee beneficiary contract is a life insurance policy. In the United States, the Restatement (Second) of Contracts, Chapter 6, Sections 133-147, covers third-party beneficiaries. [5]
A third-party beneficiary of a contract is a person whom the parties intend to benefit from its provisions but who is not a party to the contract. A software distributor, for example, may seek provisions protecting its customers from infringement claims.
Although damages are the usual remedy for the breach of a contract for the benefit of a third party, if damages are inadequate, specific performance may be granted (Beswick v. Beswick [1968] AC 59). The issue of third-party beneficiaries has appeared in cases where a stevedore has claimed it is covered under the exclusion clauses in a bill of ...
Many of these issues can be addressed with the use of a trust that can hold assets under the supervision of a third-party trustee for distribution as needed until the beneficiary is competent or ...
For example, if a house is worth $600,000 and there are three equal beneficiaries, a partition action could give each of them a $200,000 interest in the property.
After the assignment of contractual rights, the assignee will receive all benefits that had accrued to the assignor. For example, if A contracts to sell his car for $100 to B, A may assign the benefits (the right to be paid $100) to C. [b] In this case, Party C is not a third party beneficiary, because the contract was not made for C's benefit ...
If the delegatee fails to perform satisfactorily, the obligee may elect to treat this failure as a breach of the original contract by the delegator or may assert himself as a third party beneficiary of the contract between the delegator and the delegatee, and can claim all remedies due to a third party beneficiary.
The person granting the option is called the optionor [4] (or more usually, the grantor) and the person who has the benefit of the option is called the optionee (or more usually, the beneficiary). Because options amount to dispositions of future property, in common law countries they are normally subject to the rule against perpetuities and ...