A Contract in Which a Party Promises to Render a Certain

question 79

True/False

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

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Definitions:

Bondholder

An individual or entity that owns a bond issued by a borrower, entitling them to receive interest payments and the return of principal.

Income Tax

Taxes levied by the government on the income generated by businesses and individuals.

Stockholders

Individuals or entities that own shares in a corporation, also commonly referred to as shareholders.

Borrowed Money

Funds that are obtained through loans or credits, which must be repaid with interest.