A Third Party Who Is Not in Privity of Contract

question 74

True/False

A third party who is not in privity of contract but who has rights under the contract and can enforce the contract against the obligor is said to be an intended beneficiary.

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Definitions:

Market Segment

Refers to the division of the potential market into distinct groups of customers with common needs or characteristics.

Viability

The ability of a business, project, or idea to survive or to sustain itself and achieve long-term success.

Firm's Mission

A statement that defines a company's core purpose, focus, and direction, serving as a guide for its strategies, decisions, and operations.

Evoked Set

The group of brands or products a consumer considers when making a purchase decision.