Joe owes Barry 100,000. Joe enters into an agreement with Citibank to borrow 100,000. Joe intends to use the loan

Joe owes Barry 100,000. Joe enters into an agreement with Citibank to borrow 100,000. Joe intends to use the loan

Question:

Joe owes Barry 100,000. Joe enters into an agreement with Citibank to borrow 100,000. Joe intends to use the loan proceeds to repay Barry. Citibank has does not know that Joe planned to pay Barry with the proceeds. Citibank agrees to make the loan but Citibank breaches its contract with Joe and does not lend him the money. Joe defaults on his loan to Barry, so Barry sues Citibank because they breached their contract with Joe. Barry argues that he is a third party beneficiary of Joe’s and Citibank’s contract. What is the outcome of Joe’s suit?Explain

Expert Answer:

Answer rating: 100% (QA)

In this scenario Barry is attempting to assert third party beneficiary rights based on Joe s contract with Citibank The outcome of Barry s suit agains
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