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Part I The Nature of Intangible Property, 5 Rights Under a Contract

From: The Law of Assignment (3rd Edition)

Marcus Smith, Nico Leslie

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 30 July 2021

Construction of contract — Contract formation and trade practices

This chapter studies rights under a contract. Contractual rights exist between, and are only enforceable by, the parties to the contract. In other words, contractual rights and obligations are essentially bilateral. Two principles of the common law tend to prevent third parties from enforcing the contract: a contract for the benefit of a third party cannot be enforced directly by that party; the promise cannot be indirectly enforced by the contracting party. The chapter then considers the statutory exception to the rule that exists in the shape of the Contracts (Rights of Third Parties) Act 1999, as well as the nature of contractual rights as property.

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