Instructions: Identify the Following

question 114

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Kinfolk

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Definitions:

Promisor

In a third-party beneficiary contract, the party to the contract who made the promise that benefits the third party.

Third-Party Beneficiary

An individual or entity that, though not a party to a contract, stands to benefit from its execution.

American Rule

A legal principle stating that each party in a lawsuit is responsible for its own attorney's fees, except if otherwise provided by statute or agreement.

First-Assignment-In-Time Rule

A principle in law that gives priority to the party that first received the property or asset, often used in disputes over claims or ownership.