In an Contract, Two Parties to a Contract (The Promisor

question 73

Multiple Choice

In an contract, two parties to a contract (the promisor and promisee) , either by words, writing, or actions, intend to bring benefits to a third party by virtue of an enforceable contract.

• A) incidental guarantor
• B) intended guarantor
• C) incidental beneficiary
• D) intended beneficiary

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Definitions:

General Contractor

A primary contractor responsible for overseeing a construction project, managing subcontractors, and ensuring the work is completed as specified in the contract.

Trustee In Bankruptcy

The licensed professional appointed to administer the estate of a bankrupt for the benefit of the creditors.

Guarantee

A formal assurance or promise that certain conditions will be fulfilled, including products meeting specific standards or services being satisfactorily rendered.

Repossess

The act of taking back property by a seller or lender from the buyer or borrower, usually due to failure in payment.