Is it legal for someone to sell to third party a contract that they entered into with someone else? Are the details of the contract still applicable to that third party? Do you know an online resource I can look into this further with?
2007-03-04 12:02:51 · 4 answers · asked by Smiles :) 2 in Politics & Government ➔ Law & Ethics
yes. it happens all the time, mostly when creditors sell debt. all of the terms in the original contract still have to be completed.
2007-03-04 12:13:35 · answer #1 · answered by michael q 2 · 0⤊ 0⤋
One party can nearly always sell their RIGHTS under a contract. The terms of the contract determine if they can transfer their DUTIES. In any case the terms of the contract can't be changed without agreement of ALL parties. If you are referring to a loan contract, the lender can sell the debt to a third party. In the case of a mortgage, its unusual NOT to sell the debt.
2007-03-04 13:07:36 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
It depends on whether or not transfer of the contract is forbidden in the original document. The details of the contract do apply to the third party.
You would need to consult the contract laws in your individual state, as they vary. If you have a contract issue, please do not try to solve it yourself. Get an attorney, and save yourself a lot of grief.
2007-03-04 12:13:59 · answer #3 · answered by Sweet Lady Mom 2 · 2⤊ 0⤋
even as a guy or lady buys an position of residing progression, they are able to chosen to settle for the triumphing leases or now no longer. the previous proprietor must have worked that out with the nice and cozy client and the previous proprietor could be to blame for notifying you. I actually have bought house sources and we continually specify that the triumphing agreements expire upon pass. we are able to then have tenants signal new agreements. It does no longer propose that we are able to boost rents yet lets like our settlement in position as you do now no longer understand the way properly the previous settlement develop into written. you'll could talk with the nice and cozy landlord to verify what got here about. they could be prepared to grant you the decision of the escrow organization organization to verify. once you're literally no longer in a employ administration section, they are able to boost the employ by any volume they elect.
2016-12-05 06:07:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋