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third-party beneficiary |
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third-party beneficiary n. a person who is not a party to a contract, but has legal rights to enforce the contract or share in proceeds because the contract was made for the third party's benefit. Example: Grandma enters into a contract with Oldfield to purchase a Jaguar automobile to be given to grandchild as a graduation present. If Oldfield takes a down payment and then refuses to go through with the sale, grandchild may sue Oldfield for specific performance of the contract as a third-party beneficiary. |
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However, Touche had not been engaged with the knowledge that plaintiff Ultramares was an intended third-party beneficiary of Touche's work. 67/month) to the Condominium since she is a third-party beneficiary who is receiving services rendered to her by the Condominium Association. Fougere explained that the new law also recognizes a third-party beneficiary account system ("compte a affectation speciale"), allowing segregation of the collections from securitized assets and those from the originator's operating assets. |
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third-party beneficiary