The Freedom of Contract Is

question 163

Multiple Choice

The freedom of contract is:

• A) restricted by the Constitution
• B) a minor part of the law of contracts
• C) not binding in most states
• D) only relevant in cases involving easements
• E) none of the other choices are correct

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Definitions:

Privity or Near-Privity Rule

A legal principle requiring a close, direct relationship between the parties involved in a contract for a third party to have the right to sue.

Third Party Liability

Legal responsibility that arises when a third party is held liable for damages or injury caused to another, often seen in insurance contexts.

Unaudited

Referring to financial statements or accounts that have not undergone formal examination and verification by an auditor.

Financial Statement

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.