A third party is a person who is not a contracting party. The Common Law recognizes three important third parties: Notwithstanding Covenants 6, 7 and 8, this tripartite agreement between the customer, the contractor and the bank will be automatically terminated with the notification of written notice to the bank if the agreements are not renewed or terminated. This tripartite agreement shall terminate automatically at the end of the period referred to in point 6 above. A contract is a legally binding document between at least two parties that defines and governs the rights and obligations of the parties to an agreement.  A contract is legally enforceable because it meets the requirements and approval of the law. A contract usually involves the exchange of goods, services, money or promises from one of them. “breach” means that the law must give the victim access to remedies such as damages or annulment.  The bank, the contractor and the customer agree that no person other than the parties to the agreements is designated as the beneficiary of the tripartite contract or agreements and that no other person has the rights to do so. An oral contract can also be described as a parol or oral contract, “verbally” more “spoken” than “in words”, an established use in British English in terms of contracts and agreements and, usually, although something “casual” in American English is pejorative.  To obtain damages, an applicant must prove that the offence caused foreseeable harm.   Hadley/Baxendale found that the examination of foreseeability was both objective and subjective.
In other words, is it predictable for the objective viewer or for parties who may have special knowledge? In this case where a miller lost production because a carrier delayed the repair of broken mill parts, the court decided that there was no damages to be paid, since the loss was not foreseeable by either the “reasonable man” or the carrier, both of whom expected the miller to have a spare part in stock. Some arbitration clauses are not binding, and in other cases, arbitration proceedings may not be sufficient to resolve a dispute. . . .