Contracts (Rights of Third Parties) Act 1999: Difference between revisions

Contracts (Rights of Third Parties) Act 1999 (view source)

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 [[File:Third man.jpg|450px|thumb|center|Why the hostility towards third parties, [[counsellor]]? What did they ever to do you?]]
-}}It is now lost in the mists of time, but once upon a time there must have been a reason why lawyers of the international capital markets were so collectively hostile to the [[Contracts (Rights of Third Parties) Act 1999]], a small piece of well-intended legislation which allowed contractual parties to agree that persons benefiting from their contract, but who were not parties to it (and therefore did not have “[[privity of contract]]” required by the [[common law]]), might, upon a breach, be allowed to sue directly to recover their loss.
+}}It is now lost in the mists of history, but once upon a time there must have been a reason why lawyers of the international capital markets were so collectively hostile to the [[Contracts (Rights of Third Parties) Act 1999]], a small piece of well-intended legislation which allowed contractual parties to agree that persons benefiting from their contract, but who were not parties to it (and therefore did not have “[[privity of contract]]” required by the [[common law]]), might, upon a breach, be allowed to sue directly to recover their loss.
 Who could object to that?