An Intended Beneficiary Is a Third Party to a Contract

question 19

True/False

An intended beneficiary is a third party to a contract who is intended to be directly benefited from the contract made by the contracting parties.

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Definitions:

Accrued Interest

Interest that has accumulated over a period of time but has not yet been paid.

Merchandise Sale

The transaction of selling goods that are purchased for resale by a business.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money either on-demand or at a specified future date.

Promissory Note

A financial document in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.