There Is a Long Established Doctrine of Contract Law That

question 2

Multiple Choice

There is a long established doctrine of contract law that states 'the only persons who can acquire rights and incur liabilities under a contract are the parties to the contract'.This doctrine is known as:

• A)novation of contract.
• B)privity of contract
• C)redemption of contract.
• D)partial performance of a contract.

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Definitions:

EMV Decision

A decision-making technique based on the calculation of the Expected Monetary Value, used to assess the average outcome of decisions with uncertain elements.

Gross Profits

The difference between the revenue a company receives from its sales and the cost of the goods sold.

Payoff Table

A Payoff Table is a tabular representation of the outcomes, or payoffs, resulting from different decisions or strategies under various conditions or scenarios.

Environmentally Safe Material

A material that does not harm the environment, either in its production, use, or disposal.