Privity of Contract Applies in Which of the Following Situations

question 158

Multiple Choice

Privity of contract applies in which of the following situations?

• A) Where an interest in land is involved
• B) Where a trust is involved
• C) Where an insurance contract is involved
• D) Where goods are being sold
• E) Where a trust has been created

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Definitions:

Net Benefit

The total positive effects or outcomes of a decision or action minus its total negative effects or costs.

Labor Supply Decisions

The choices individuals make regarding how much labor to supply to the market, influenced by factors such as wages, working conditions, and personal preferences.

Pareto Optimal

A distribution of resources where it's infeasible to enhance the well-being of one individual without adversely affecting another.

Private Goods

Goods that are rivalrous and excludable, meaning consumption by one person diminishes availability for others, and access can be restricted.