Examlex
Assuming a note made by Barbara payable to Carol, which indorsement will limit negotiability?
Privity of Contract
The principle that a contract directly affects and grants enforceable rights only to the parties involved in the contract agreement.
Promissory Estoppel
A legal principle that prevents a party from going back on a promise, even if it was made without formal consideration, when someone else has reasonably relied on that promise.
Statute of Frauds
A legal principle requiring certain types of contracts to be in writing and signed by the parties involved to be legally enforceable.
Statutory Novation
The replacement of an obligation to perform under a contract with a new obligation or party, as recognized by statute.
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