A Collateral Promise Is One Made by a Third Party

question 36

True/False

A collateral promise is one made by a third party to assume the debts or obligations of a primary party to a contract if that party does not perform.

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Definitions:

Delphi Technique

A method of forecasting and decision-making through rounds of questionnaires sent to a panel of experts, with the aim of reaching a consensus.

Long-Run Qualitative Forecast

A forecasting method that uses expert judgment and other qualitative data to predict long-term trends or outcomes.

Experts Meet

An event or gathering where specialists in a particular field share insights, discuss developments, and solve problems related to their expertise.

Labour Demand Forecasting

The process of estimating the future demand for workers, considering factors such as market trends, industry growth, and technological advancements.