Discuss the Importance of Contingency Factors

question 6

Essay

Discuss the importance of contingency factors.

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Definitions:

Modify or Rescind

To change, alter, or revoke an agreement or contract either partially or completely.

Incidental Beneficiary

A third party who unintentionally benefits from a contract but has no legal right to enforce the contract terms.

Intended Beneficiary

A person for whom a contract is specifically made, who has the right to enforce the terms of the contract, even though they are not a party to it.

Promisee

An individual or entity to whom a promise or commitment is made.