The State of an Individual Party Being in a Contract

question 40

True/False

The state of an individual party being in a contract is known as privity of contract.

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Definitions:

Contractual Relation

A legally binding agreement between two or more parties that outlines the rights and duties of each party.

Tacit Agreement

An understanding or agreement that is implied from actions or circumstances, not explicitly stated.

Implied Warranty

An unwritten and unspoken guarantee that a product will meet a minimum level of quality and reliability.

Negligent

Failing to take proper care in doing something, often leading to harm or damage.