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Contracts (Rights of Third Parties) Act 1999: Difference between revisions
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Contracts (Rights of Third Parties) Act 1999 (view source)
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{{a|contract| | {{a|contract| | ||
{{image|Third man|jpg|Why the hostility towards third parties, [[counsellor]]? What did they ever to do you?}} | |||
{{subtable|'''Sample [[CRTPA]] clause''', if you ''really'' must:<br>“No-one who is not a party to this agreement has any rights under the [[Contracts (Rights of Third Parties) Act 1999]] to enforce any of its terms.”}}}}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 thus did not have the necessary “[[privity of contract]]” required by the [[common law]] to take action under it), might, upon a breach, be allowed to sue the breaching party directly to recover their loss. | {{subtable|'''Sample [[CRTPA]] clause''', if you ''really'' must:<br>“No-one who is not a party to this agreement has any rights under the [[Contracts (Rights of Third Parties) Act 1999]] to enforce any of its terms.”}}}}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 thus did not have the necessary “[[privity of contract]]” required by the [[common law]] to take action under it), might, upon a breach, be allowed to sue the breaching party directly to recover their loss. | ||
Look, who could possibly object to that worthy goal? | Look, who could possibly object to that worthy goal? | ||