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Donee Beneficiary
A third party who benefits from a contract made between two other parties, particularly where the contract's intent is to gift something to the beneficiary.
Creditor Beneficiary
A third party that benefits from a contract in which one party promises to pay a debt owed to the third party by the other contract party.
Promisee
The party in a contract who is promised something by another party (the promisor) and stands to benefit from the fulfillment of that promise.
Novation
The act of replacing one obligation with another, which involves a new party or a new agreement and extinguishes the original contract.
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