Ad
related to: third party beneficiary rights
Search results
Results From The WOW.Com Content Network
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]
In addition, section 48 of the Insurance Contracts Act 1984 (Cth) allows third-party beneficiaries to enforce contracts of insurance. 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 Contracts (Rights of Third Parties) Act 1999 (c. 31) is an Act of the Parliament of the United Kingdom that significantly reformed the common law doctrine of privity and "thereby [removed] one of the most universally disliked and criticised blots on the legal landscape". [2]
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 ...
Executor vs. Beneficiary Rights. Executors and beneficiaries play different roles in the probate process and as such, they have different rights and responsibilities. If you’ve been named as ...
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 ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.