ACCORD AND SATISFACTION

A special agreement in which the parties to disputed contract agree to new terms in exchange for forebearing to sue under the original agreement.

 

 

ASSIGNMENT

Transference of contractual rights by the promisee to a third party.

 

 

NOVATION

Substitution of a party to a contract-novated person takes overall rights and obligation under the contract.

 

 

REAL PARTY IN INTEREST

Person with enforceable contractual rights.

 

 

THIRD PARTY CREDITOR BENEFICIARY

Person who receives the benefit of a contract in order to extinguish a debt owed to him or her by the promisee.