A Donee Beneficiary Is a Third Party Who Benefits from a Contract

question 87

True/False

A donee beneficiary is a third party who benefits from a contract in which the promisor agrees to pay the promisee's debt.

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Definitions:

Fraud

Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Standard Deduction

A set amount the IRS allows taxpayers to deduct from their income before income tax is applied, reducing taxable income.

Taxpayer

An individual or entity that is obligated to make payments to municipal or government taxation agencies.

Single

A filing status for a taxpayer who is unmarried and does not qualify for other filing statuses like Head of Household.