If a Contract Requires That Performance Be Rendered Directly to a Third

question 3

True/False

If a contract requires that performance be rendered directly to a third party,the third party is an incidental beneficiary.

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Definitions:

Tangible Assets

Physical assets that can be seen and touched, such as buildings, machinery, and inventory.

Long-term Assets

Assets owned by a company meant to provide value for more than one year, such as real estate, machinery, or patents.

Current Assets

Resources that are anticipated to be turned into cash, sold, or utilized within a year or during the standard operational cycle of a company.

Goodwill

An intangible asset that represents the value of a company's brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology.