The Doctrine of Privity of Contract Is Unique in That

question 35

True/False

The doctrine of privity of contract is unique in that is has no exceptions.

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Definitions:

Exchange and Trade

The act of giving something of value in return for something else, pivotal for the functioning of economies and fostering economic relationships.

Centrally Planned Economy

An economic system where the government makes all decisions about what goods and services are produced, how they are produced, and who receives them.

Profits

The financial gain obtained from the difference between the amount earned and the amount spent in buying, operating, or producing something.

Corporation

A legal entity (“person”) chartered by a state or the federal government that is distinct and separate from the individuals who own it.