This chapter discusses the law on the automatic assignment of contractual rights and liabilities, which may occur upon the death or bankruptcy of one of the contracting parties.
Chapter
17. The Involuntary Assignment of Contractual Rights and Liabilities
M P Furmston
Chapter
16. The Voluntary Assignment of Contractual Rights and Liabilities
M P Furmston
This chapter discusses the assignment of contractual rights and liabilities. It covers the assignability of contractual rights; rules that govern assignments, whether statutory or equitable; novation distinguished from assignment; and negotiability distinguished from assignability.
Chapter
6. Privity and third parties
Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter examines the doctrine of privity in the law of contract and the position of third parties. The doctrine of privity dictates that a person who is not a party to the contract cannot be granted contractual rights by the contract or be placed under contractual obligations by it. It explores the rationale of the principle, discusses the authorities that established it, and looks at the various common law exceptions to the rule that a third party cannot acquire rights under a contract. This chapter also explores in detail the statutory exception to privity provided in the Contracts (Rights of Third Parties) Act 1999.
Chapter
6. Privity
Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter examines the doctrine of privity in the law of contract. The doctrine of privity dictates that a person who is not a party to the contract cannot be granted contractual rights by the contract or be placed under contractual obligations by it. It explores the rationale of the principle, discusses the authorities that established it, and explores the various common law exceptions to the rule that a third party cannot acquire rights under a contract. This chapter also explores in detail the statutory exception to privity provided in the Contracts (Rights of Third Parties) Act 1999.
Chapter
20. Limitation of Actions
Jack Beatson, Andrew Burrows, and John Cartwright
At common law, lapse of time does not affect contractual rights. But it is the policy of the law to discourage stale claims because, after a long period, a defendant may not have the evidence to rebut such claims and should be in a position to know that after a given time an incident which might have led to a claim is finally closed. Accordingly, in the Limitation Act 1980, the Legislature has laid down certain periods of limitation after the expiry of which no action can be maintained. Equity has developed a doctrine of laches, under which a claimant who has not shown reasonable diligence in prosecuting the claim may be barred from equitable relief.
Chapter
21. Third Parties
Jack Beatson, Andrew Burrows, and John Cartwright
This Chapter deals with the scope of a valid contract when formed, and the question: to whom does the obligation extend? This question is considered under two separate headings: (1) the acquisition of rights by a third party, and (2) the imposition of liabilities upon a third party. At common law the general rule is that no one but the parties to a contract can be entitled under it, or bound by it. This principle is known as that of privity of contract.
Chapter
16. Loan Sales and Securitization
Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare
This chapter examines one context in which contracts and debts are transferred — as banks and bank subsidiaries ‘sell’ their own assets, i.e. their loans, mortgages, credit card receivables, and so on. Commercially speaking, this divides into loan sales and securitization. Among the various motivations for these transactions are to reduce risk, to meet capital requirements, to allow for new lending, and to take advantage of financial and commercial opportunities. Securitization was abused, with many risky loans repackaged and sold as highly rated securities. Its contribution to the global financial crisis in 2008 made it unpopular. However, it remains significant as a financing technique. Before examining loan sales and securitization, the chapter lays out the different legal techniques for transferring debts and contractual rights.
Book
Paul S. Davies
Driven by exposition of the leading cases, JC Smith’s The Law of Contract offers the perfect balance between accessibility and authority. The strong focus on cases guides the reader through the intricacies of contract law with expert analysis ensuring key points are clear. The text begins with an introduction to contractual rights and duties. It looks at objectivity in contract law, the formation of bilateral and unilateral contracts, contract as agreement, offeror and offeree, estoppel, legal relations, and the role of third parties. It also considers the terms of the contract, interpretation of the contract, implication and rectification, and exclusion clauses and unfair terms. It goes on to look at issues such as duress, undue influence, good faith, capacity, illegality, contractual assumptions, breach of contract, remedies and damages, and remedies beyond compensatory damages.
Chapter
22. Assignment
Jack Beatson, Andrew Burrows, and John Cartwright
This Chapter considers assignment, that is to say, the transfer of B’s contractual rights against A to C by means of an agreement between B (the assignor) and C (the assignee) irrespective of A’s (the debtor’s) consent. It examines the rules governing assignment and distinguishes it from several similar concepts: the negotiability of ‘negotiable instruments’, vicarious performance, novation, and the transfer of rights and liabilities by operation of law.
