Mai Is a Third Party Beneficiary Under a Contract Between

question 64

Multiple Choice

Mai is a third party beneficiary under a contract between Novia and Opie. Novia and Opie can modify or rescind their contract without Mai's consent​

• A) ​at any time.
• B) ​at no time.
• C) ​after Mai's rights have vested.
• D) ​before Mai's rights have vested.

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Definitions:

Interest Portion

Part of a loan payment that is attributed to interest charges on the borrowed principal amount.

Principal Amount

The original sum of money borrowed in a loan or put into an investment, excluding interest or profit.

Installment Note

A debt instrument that requires regular payments, or installments, of principal and interest over a set period of time until the full amount, including interest, is paid.

Premium on Bonds Payable

The amount by which a bond's sale price exceeds its face value, reflecting additional value due to market conditions or the bond's terms.