third party

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Third Party

A generic legal term for any individual who does not have a direct connection with a legal transaction but who might be affected by it.

A third-party beneficiary is an individual for whose benefit a contract is created even though that person is a stranger to both the agreement and the consideration. Such an individual can usually bring suit to enforce the contract or promise made for his or her benefit.

A third-party action is another name for the procedural device of Impleader, which is used in a civil action by a defendant who wants to bring a third party into a lawsuit because that party will ultimately be liable for all, or part of, the damages that may be awarded to the plaintiff.

third party

n. a person who is not a party to a contract or a transaction, but has an involvement (such as a buyer from one of the parties, was present when the agreement was signed, or made an offer that was rejected). The third party normally has no legal rights in the matter, unless the contract was made for the third party's benefit.

third party

a party who is a stranger to a transaction or proceeding between two other persons.
References in periodicals archive ?
The FDIC indicates that banks may face liquidity risk if they are dependent on selling loans to a third party through a pipeline and the third-party purchaser experiences conditions that make it unable to purchase loans.
In addition, the RSC paid the cost of maintaining the residence until a third party purchased the property, including mortgage and property tax expenses (although the employee continued to be legally responsibility for those items).
The initial victim jurisdiction did not include the original vendor's address on the registry; therefore, the letter and power of attorney form, drafted by the third party, likewise did not contain an address or any other contact information regarding the vendor it supposedly represented.
Liability insurance protection against third party cyberspace threats/risks is incomplete.
In general, the purposes of FCPA due diligence with respect to third parties with which a business relationship is proposed are: (1) to assess the reputation of the third party, especially with regard to ethical issues; and (2) to determine whether any foreign official may be involved in the third party as an owner, officer, director, or employee, so that the risks of that involvement can be evaluated and appropriate safeguards developed.
In this rather conservative industry, such a visit is unusual, especially to a "lowly" third party vendor.
In summary, the notice and opt-out requirements described above do not apply if (1) the practitioner shares nonpublic personal information in connection with servicing of processing a financial product or service that a consumer requests of authorizes of (2) the sharing of information with the third party is required, or is a usual, appropriate or acceptable method to carry out the transaction or service of which the transaction is a part, of to record, service or maintain the consumer's account in the ordinary course of providing the financial service or product.
For example, she never mentions, even once, the most consistently successful and longest-lasting third party of our era, the Libertarian Party.
ii) A person employed jointly by you and any company that is not your affiliate (but nonaffiliated third party includes the other company that jointly employs the person).
Randall, "CEO Perspectives on the Current Status and Future Prospects of the Third Party Logistics Industry in the United States," Transport Logistics, Vol.
At times, their statements have been dismissive of the tiny third party.
In an effort to persuade the court that a third party beneficiary relationship existed between it and the sub, the owner argued that the language of Article 1.