Third-Party Beneficiary
A non-party to a contract whom the contracting parties intended to benefit and who may enforce the contract under Restatement 302.
Encyclopedia entry: Third-Party Beneficiary
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third party beneficiary
A third party beneficiary is a person benefiting from a contract made between two other parties, where the two contracting parties intended to benefit the third party beneficiary. The third party beneficiary is not a party to the contract, but has rights under the contract since it was made with an intent to benefit them.
[Last reviewed in June of 2024 by the Wex Definitions Team
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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