The ___________ in a Third-Party Beneficiary Contract Is the Party

question 9

Multiple Choice

The ___________ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.

• A) Promisee
• B) Promisor
• C) Obligor
• D) Obligee
• E) None of these. There are no third-party beneficiary contracts, only second-party beneficiary contracts.

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Definitions:

Demand Curve

A graphical representation of the demand schedule, showing the relationship between quantity demanded and price.

Equilibrium Quantity

The quantity of a good or service bought and sold at the equilibrium (or market-clearing) price.

Excise Tax

A tax imposed on specific goods, services, or activities, usually with the aim of reducing consumption or generating revenue.

Pretax Level

A financial figure or income amount before any taxes have been deducted.