Examlex

Solved

Match Each Definition to the Corresponding Term

question 216

Multiple Choice

Match each definition to the corresponding term.
-_____ are people or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior.


Definitions:

Promisor

In a third-party beneficiary contract, the party to the contract who made the promise that benefits the third party.

Promisee

The person to whom a promise is made or who will benefit from the fulfillment of the promise in a contractual agreement.

Novation

The act of replacing one party or obligation in a contract with another, requiring the agreement of all parties involved.

Assignment

The transfer of rights, property, or obligations from one party to another, a common practice in contracts and financial transactions.

Related Questions