A person entitled to an
advantage, benefit, or profit (such as an inheritance under a will or the
proceeds of an annuity, insurance policy, or property held in trust) arising
from an appointment, assignment, disposition, instrument, or legal arrangement.
beneficiary who is to receive the benefit of a contract in satisfaction of a
debt, duty, or liability owed to them by the party who purchased the benefit.
Under certain circumstances, the execution of the contract itself may discharge
the obligation. In any case, the contract must be primarily for the third
beneficiary who is to receive the benefit of a contract as a gift from the
party who purchased the benefit.
A person who is
not a party to, but is the unintended beneficiary of, a contract or trust. Such
a person has no legally enforceable right to the benefit they receive.
who is not a party to a contract or trust, but is intended by the parties to
benefit from the contract or trust. Such a person has the ability to legally
enforce the contract or trust once their right to the benefit vests.
who is not a party to, but is the intended beneficiary of, a contract.