________ Is a Process in Which Two or More Parties

question 61

Short Answer

________ is a process in which two or more parties make offers, counteroffers, and concessions in order to reach an agreement.

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Definitions:

Bulk Sales Acts

Laws designed to protect creditors by regulating the bulk transfer of business assets outside the regular course of business.

Holdback Money

Funds retained by a party in a contract to ensure obligations are met before making full payment.

Privity of Contract

The principle that a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it.

Doctrine of Privity

A legal principle stating that contracts are binding only upon the parties signing them, and no third-party can enforce or be obligated by the contract.