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Third-Party Beneficiary Question in the state of Iowa: Party…

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Third-Party Beneficiary Question in the...
Third-Party Beneficiary Question in the state of Iowa:Party A & B have a contract with each other, and in the contract, a separate agreement between Party B & C is listed as a condition precedent to the payment of purchase price.However, the separate agreement was never signed by Party C, Party C has additionally never provided the Promissory note that was central to the separate agreement, and has told Party B that they would never sue them.Can Party C state that they have third party beneficiary rights under Iowa Law? (noting that Iowa law only recognizes Intended Third Party Beneficiaries, and follows the Restatement (Second) Contract law Section 302 in this matter.
Submitted: 10 months ago.Category: Business Law
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9/27/2017
Business Lawyer: Legal Eagle, Lawyer replied 10 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Generally, a third party beneficiary need not sign an agreement to be the beneficiary of an agreement. For instance, if I agree to pay my son’s landlord, my son is the intended third party beneficiary of the landlord-dad agreement, even if my son and I don’t have an agreement. In your case, if Party A and B have a contract that is conditioned upon a B & C contract, then the A-B contract will not be enforceable if Party C did not sign. However, the A-B contract can still be amended to include Party C as a beneficiary. Until then, Party C has no rights.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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Customer reply replied 10 months ago
Let's state that even though the contract's purchase payment is conditioned upon the B & C contract, the A & B contract was still thoroughly followed through on in all other aspects, does this automatically amend the agreement and give Party C rights as a third-party beneficiary?
Business Lawyer: Legal Eagle, Lawyer replied 10 months ago

No. Unless Party C was intentionally to be given rights to the A-B contract, Party C won't have any rights as a third-party beneficiary.

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