Privity of Contract Is a Principle That Holds That a Contract

question 148

True/False

Privity of contract is a principle that holds that a contract can only affect the immediate parties to it.

---

Definitions:

Endangered Elephants

Elephant species that are at risk of extinction due to factors such as habitat loss, poaching, and human-wildlife conflict.

Private Goods

Goods that are excludable and rival in consumption, meaning one person's consumption prevents others from enjoying it.

Common Resource

A resource like air or water that is available to all but susceptible to overuse and depletion because it is not excludable.

Negative Externalities

These are unintended and adverse effects of a product or economic activity that impact third parties who are not directly involved in the activity.