For a Price, Ray Agrees to Unload Trucks That Make

question 66

Multiple Choice

For a price, Ray agrees to unload trucks that make deliveries to Shoppers Warehouse. Ray delegates this duty to Tim, who then owes performance of the duty to the warehouse. Ray is

• A)the obligor.
• B)a third party beneficiary.
• C)the obligee.
• D)the delegatee.

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Definitions:

Lease Contract

A legal agreement between two parties where one party allows the other to use a property, equipment, or service for a specified period in exchange for payment.

Legally Owns

Possession of property, shares, or assets in accordance with the law, granting the owner the legal rights to use, sell, or modify the owned item.

Lessor

The owner of a property or asset that is leased or rented out to another party, known as the lessee.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, outlining assets, liabilities, and shareholders' equity.