Privity of Contract Means That the Parties to a Contract

question 7

Multiple Choice

Privity of contract means that the parties to a contract:

• A)are the only persons who are entitled to release private information about each other.
• B)can acquire rights under a contract but cannot incur liabilities.
• C)must be over 18 years of age or have the written permission of a parent or guardian.
• D)are the only persons who can acquire rights and incur liabilities under a contract.

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Definitions:

Natural Log

The logarithm to the base \(e\) (where \(e\) is approximately 2.718), a constant used in mathematics and economics to model growth processes.

Lottery Ticket

A slip of paper or card used to participate in a lottery game, where winners are typically selected by a random draw.

Risk Averse

A preference for certainty over uncertainty with regards to outcomes, particularly in the context of financial decisions.

Probability

A measure of the likelihood of a particular event occurring, ranging from 0 (impossible) to 1 (certain).