​Privity of Contract Establishes the Basic Concept That Third Parties

question 30

True/False

​Privity of contract establishes the basic concept that third parties have no rights in contracts to which they are not parties.

---

Definitions:

Isolationist Thought

A foreign policy stance wherein a country seeks to minimize its involvement in international affairs and focus primarily on its own interests.

Arms Embargo

An imposed ban on the trade of weapons with specific nations, groups, or entities, typically used as a form of political or economic pressure.

Lend-Lease

A program during World War II in which the United States supplied allied nations with vast amounts of war material while not formally entering the conflict.

Peacetime Draft

Refers to the government policy of conscription or mandatory enlistment of citizens into the military during times of peace, to maintain an armed force readiness.