Rights of Third Parties Case Study Example | Topics and Well Written Essays - 3000 words

Rights of Third Parties - Case Study ExampleContract is an agreement or frame of promise amid two or more persons which is binding and therefore legally enforceable. It covers trans bodily functions manage buying and selling, employment of staff, partnership agreement and so on. It goat also be described as an agreement which is legally binding on the parties to it and which broken whitethorn be enforced by action in court against the defaulting party.Existence of contract - Damages sought by claimants on the basis of faker and breach of fiduciary duty in respect to diverted amends premiums - Negotiations between the parties taking mooring after proceedings issued - Letter sent by claimant asking whether defendant accepted responsibility for the duplicity - Letter signed and returned by defendant entirely with caveat - Whether binding agreement concluded between parties. Willis Management (Isle of Man) Ltd v Cable and Wireless plc 2005 2 Ll L R 597 (CA/UK)A impudence is an upright obligation, binding a person (who is called a trustee) to deal with property over which he has control (which is called the trust property) either for the benefit of persons (who are called beneficiaries or cestuis que trust) of whom he may himself be one, and any one of whom may enforce the obligation, or for a charitable purpose, which may be enforced at the instance of the Attorney-General, or for some other purpose permitted by law thoughunenforceable. Pettit Equity and The Law of Trusts 8th ed. (1997) p 24.CONSTITUTION OF TRUSTS Constituting the Trust - act of waistcoating the trust property in the hands of the trustee. If inter vivos transferor will vest the property concurrent with declaration of trust, If testamentary property will vest upon testators death in executors/administrators,- govern - if trust non constituted, it is invalid- Problems A declares trust in favour of B on Day 1, but doesnt transfer $$ to trustee until Day 5.- Rule - until the trustee rece ives the property, trust incompletely constituted invalid - sanative On day 5, trust valid & operative b/c trustee has property - Settlor can be compelled to transfer property they promised to place in trust - where S received valuable setting for promise to create trust RIGHT OF THE THIRD PARTYThe Contracts (Rights of Third Parties) Act, which was given Royal admit on 11th November 1999, radically changes a fundamental principle of English law, namely that only those who are parties to a contract can enforce rights under that contract - the privity of contract rule.The Act applies to virtually all contracts. whence the construction industry essential consider its impact on all its contracts - building contracts, subcontracts,consultants appointments, collateral warranties, insurance policies,bonds, adjudication agreements etc.Right of third party to enforce contractual termThe third party must be expressly identified in the contract by name, as a member of a class or as answeri ng a particular description but need not be in existence when the contract is entered into. This section does not confer a right on a third party to enforce a term of a contract otherwise than win to and in accordance with any other