A Contract in Which a Party (The Promisor) Promises to Render

question 41

True/False

A contract in which a party (the promisor) promises to render a certain performance not to the other party (the promisee) but to a third person (the beneficiary) is called a third-party beneficiary contract.

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Definitions:

Bankruptcy Claims

Rights to payment recognized by a bankruptcy court from entities or individuals who have filed for bankruptcy protection.

Individual Debts

Financial obligations or amounts of money that are owed by a single person, as opposed to those owed by a group or company.

Chapter 13

A section of the U.S. Bankruptcy Code that allows individuals with a regular income to reorganize their debts, creating a plan to repay all or part over a period of time.

Societal Cultures

The shared values, norms, behaviors, and artifacts that characterize different groups or societies.