Privity of Contract Refers to the Fact That Traditionally Contracting

question 16

True/False

Privity of contract refers to the fact that traditionally contracting parties alone have rights and liabilities under their contract.

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Definitions:

Propinquity

Refers to the physical or psychological proximity between people that often leads to friendship or other relationships.

Just-world Hypothesis

The belief in a fair world where individuals get what they deserve, serving as a way to rationalize inequality and misfortune.

Reciprocity Model

A social psychology concept that suggests individuals are more likely to help others who have helped them in the past.

Peter Principle

A concept in management that suggests people in a hierarchy tend to rise to their "level of incompetence."