Although Written Contracts Are Binding, Promises and Verbal Agreements Generally

question 56

True/False

Although written contracts are binding, promises and verbal agreements generally are not.

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Definitions:

Obligation

A legal or moral duty to do something or to abstain from doing something.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, specifically where the intent is to benefit the third party.

Creditor Beneficiary

A person or entity that benefits from a contract made between two other parties, particularly where one party promises to pay a debt owed to the beneficiary.

Breach Of Contract

An instance wherein one party fails to fulfill their obligations under a contract.