Lets say there are 3 entities: X ,Y ,Z
X
owes money toY
stipulated in a contract namedC
Y
wants to change the contract , so thatX
now owes money toZ
- we will call this contractC1
What needs to happen for the creation of C1
?
-Does
C
need to be terminated ?-Is
C
attached from now on as an annex toC1
?There is no need for
C1
, we just update inC
the side that is owed money (Y->Z
)
I do not understand how the update of a contract happens if you want to update just one side , in our case the one that is owed money - from Y
to Z
Update
Thank you all for your responses.I will give this update to clarify what i want to ask.
The question is not rlly about whatX
owes ( the right/value) or what type of contract it is.What i am interested is how can the paperwork be reduced and generalised lets say digitally when the contract changes hands
.
Can I , as a digital service provider , get Y
's original contract (as a source of Right/Value) , provide a generalised form for him and Z
to complete and sign (digitally) as seller and buyer , put them together (initial contract and form) and voila now Z
legally owns the Right/Value ?
I do not want to rewrite the part of the contract that remains constant (the right/source of value)
I want to know what is the simplest way to preserve the part of the contract that remains constant - the right/value- while minimizing the paperwork needed when changing hands
.
X
owes Y
stipulated in contract C
Y
->Z1
->Z2
->Z3
....`
When the contract changes hands from Z1
to Z2
to Z3
etc can i keep the original contract as the source of right/value and just provide a form between the buyer and seller of the right ?
I want to reuse the source of value part/paperwork/contract.
So if Z has the original contract ( X to Y) and also a contract that says (Y gave to Z) is it enough legally ? Can Y do malicious activity and say : i have the original contract that says X owes me.In this case which contract gets priority ?