1. Doctrine of the Privity of Contract
... an indorsee of a bill who is in possession of the bill, or a bearer of the bill (section 2). Arguments against reforming the Privity Doctrine. Third party should not be able to sue in the absence of consideration. The idea that a contract requires consideration leads naturally to the view that a stranger to a contract cannot take advantage of its terms ... and the interests of third parties in maintaining enforceable rights. For instance, the contracting parties may vary or cancel the contract until the third party has communicated his assent to the promise, or has relied on it. Similarl...
- Word Count: 7776
- Approx Pages: 31
- Has Bibliography