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CHAPTER 12
THIRD PARTIES AND CONTRACTS
Answers to Learning Objectives
1. In a third party beneficiary contract, the contracting parties intend to benefit a third person,
not a party to the contract. A novation is the release of at least one party from the contract
and substituting another party for that released party. A third party beneficiary contract
retains the original parties and does not release any of them.
Lesson Outline
1. A contract creates both rights and obligations.
2. A third party who is expressly benefited by the performance of a contract may enforce it
against the promisor if benefit to the third party was intended by the contracting parties.
d. The parties may include a provision that prohibits assignment.
6. Duties cannot be delegated as readily as rights may be assigned.
7. As a general rule, no notice of assignment need be given. But unless notice is given to the
original promisor, the assignee may lose rights.
11. A joint contract is one in which two or more persons jointly promise to carry out an
obligation or in which two or more persons are jointly entitled to the performance. A several
contract arises when two or more persons individually agree to perform the same obligation.