Third Party Rights in Contracts Can Arise by Assignment of Rights

question 46

True/False

Third party rights in contracts can arise by assignment of rights, delegation of duties, or in third party beneficiary contracts.

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Definitions:

Property Tax

A levy on property that the owner is required to pay, typically based on the value of the property, and used by municipalities to fund public services and infrastructures.

Leasing

A financial arrangement where one party, the lessor, grants another, the lessee, the right to use an asset for a specified period in exchange for periodic payments.

Lessee

An individual or entity that leases or rents property or equipment from another under the terms of a lease agreement.

Process Layout

A way of organizing the physical arrangement of production facilities based on the sequence of operations that products undergo, typically used in batch production.