Privity of Contract Is a Principle That Holds That a Contract

question 148

True/False

Privity of contract is a principle that holds that a contract can only affect the immediate parties to it.

Recognize the processes involved in ratification and the enactment of treaties.

Understand executive powers and limitations, including the issuing of executive orders, the concept of executive privilege, and the process of impeachment.

Understand the concept of executive privilege, its legal basis, and implications.

Comprehend the function and significance of patronage in government appointments.

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Definitions:

Economic Loss

Financial damage suffered by a person or entity, often due to breach of contract, negligence, or external market factors.

Insurance

A contract whereby one party pays premiums to another party who undertakes to pay compensation for losses resulting from risks or perils specified in the contract.

Insured

A person or entity covered under an insurance policy, receiving protection against specified losses or damages in exchange for payment of a premium.

Fee

A charge or payment for a service, often imposed by a professional or official body.