For Third-Party Contract, There Has to Be an Original Contract

question 5

True/False

For third-party contract, there has to be an original contract between a promisor and promisee.

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Definitions:

Buy The Other's Interest

To purchase the ownership stake of a partner or shareholder in a business, effectively transferring their portion of ownership to the buyer.

Privately Owned

Refers to assets, enterprises, or businesses that are owned by individuals or private entities, not controlled by the government.

Residential Property

Real estate that is used for housing purposes including single-family homes, apartments, townhouses, and other living spaces.

United States Supreme Court

The highest federal court in the U.S., which has ultimate appellate jurisdiction over all federal courts and state court cases involving issues of federal law.