Final answer:
Rescission refers to the cancellation or termination of a contract, while modification involves changing the terms of an existing contract. The promisor is the party who makes a promise, the promisee is the party to whom the promise is made, and a third party beneficiary is someone who benefits from the contract but is not a party to it. Exceptions to rescission and modification can be included in the contract itself.
Step-by-step explanation:
Rescission and Modification of a 3rd-party Beneficiary Contract
In contract law, rescission refers to the cancellation or termination of a contract. This can occur when both parties agree to end the contract or when one party exercises their right to rescind due to a breach of contract by the other party. Modification, on the other hand, involves changing the terms of an existing contract.
1) Promisor
The promisor is the party who makes a promise in a contract to perform a certain obligation. For example, if Person A promises to deliver goods to Person B, Person A is the promisor.
2) Promisee
The promisee is the party to whom a promise is made in a contract. In the previous example, Person B is the promisee as they are entitled to receive the goods promised by Person A.
3) Third Party
A third party, also known as a third-party beneficiary, is a person or entity who is not a party to the contract but is intended to benefit from it. For instance, if Person A and Person B enter into a contract for the sale of a car, and Person C is intended to receive the car as a gift, Person C is the third-party beneficiary.
4) Exception
In some cases, a contract may contain specific provisions that restrict or limit the ability to rescind or modify it. These provisions may include penalties for breaching the contract, conditions for termination, or requirements for written consent from all parties involved.