Asked by David Garcia on May 07, 2024
Verified
Privity of contract is usually required in order for a party to be bound to a contract or have rights under a contract.
Privity of Contract
A legal principle that asserts a contract cannot bestow rights or impose obligations on any person who is not a party to the contract.
- Gain insight into the notion of privity of contract and its impact on contractual obligations.
Verified Answer
TP
tiara parkerMay 12, 2024
Final Answer :
True
Explanation :
Privity of contract is a legal principle which states that contracts are binding only upon the parties signing the agreement, meaning a third party cannot enforce or be bound by the contract unless they are specifically granted rights under the contract.
Learning Objectives
- Gain insight into the notion of privity of contract and its impact on contractual obligations.