Q&As

In the context of the 'rights, liabilities and obligations' of a party to a contract being transferred (contractually) entirely to another party, is the phrase '[transfer] the entire legal and beneficial interest [in the contract]', sufficient to cover all of the rights, liabilities and obligations being so transferred? Does the phrase, 'legal and beneficial interest', include the rights, liabilities and obligations terms or not at all?

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Published on: 28 July 2020
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For guidance as to how the courts interpret contracts generally, see Practice Note: General Rules of contract interpretation—summary and Formation and interpretation—overview.

In the context of Assignments, see:

  1. Practice Note: What constitutes a valid assignment of a contract? which sets out the Requirements for a valid assignment—whether one taking effect in law or in equity.

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Jurisdiction(s):
United Kingdom
Key definition:
Liabilities definition
What does Liabilities mean?

A scheme's liabilities are its future benefit payments and expenses. The scheme is in deficit if the current value of its liabilities is more than the assets, or in surplus if the liabilities are less.

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