What are the three common law exceptions recognized in contract law?

The correct answer identifies three important exceptions to general contract law principles as recognized in common law: Assignment of Rights, Delegation of Duties, and Third Party Beneficiary Contracts.

Assignment of Rights refers to the transfer of rights or benefits from one party to another, allowing the assignee to benefit from the contract as if they were the original party. This is essential in understanding how contractual rights can be transferred and the implications that arise from such transfers.

Delegation of Duties involves a party transferring their contractual obligations to another party. While the original party remains responsible for ensuring the duties are performed, this concept is significant because it allows for flexibility in the performance of contracts and can lead to issues concerning liability and performance expectations.

Third Party Beneficiary Contracts arise when a contract is created with the intention of benefiting a third party who is not part of the contract. This is crucial as it recognizes that individuals who may not be direct parties to a contract can still possess rights and enforceability concerning that contract, thereby expanding the scope of contractual relations beyond the initial parties involved.

These concepts enhance the nuanced understanding of how contractual agreements function within the framework of common law, particularly in scenarios involving multiple parties and complex agreements. The other choices do not accurately represent these exceptions as they focus