The general rule (subject to a few exceptions, to be noticed in the next section) is that a contract cannot impose liabilities, nor confer rights on a person who is not a party to such contract. The true contractual relation is one created by agreement between the parties thereto, by which each party acquires rights and assumes obligations towards the other parties to the contract. It therefore follows that as rights under a contract can only arise by the agreement of the party against whom such rights are created; and as no promise in a contract is binding unless on a consideration, it cannot be enforced in favor of a party who was not a party to the contract and therefore gave no consideration.