Asked by
Chelsie Snead
on Nov 27, 2024Verified
Jim and Kiel agree that Jim will fix the refrigeration unit in Kiel's Food Truck in exchange for payment of a debt that Jim owes to Lenders Bank. Under this contract, the intended beneficiary is
A) Kiel's Food Truck.
B) Lenders Bank.
C) Jim.
D) any customer, client, or employee of Kiel's Food Truck or Lenders Bank.
Intended Beneficiary
A person or entity that is specifically designated to benefit from a contract, trust, or estate, even though they are not a direct party to the agreement.
Lenders Bank
A financial institution that provides loans to individuals or entities and expects to be repaid with interest.
Food Truck
A mobile vehicle equipped to cook, prepare, and sell food at different locations.
- Comprehend the principle of third-party beneficiaries within the realm of contract law and the entitlements they hold.
- Differentiate between deliberate beneficiaries and accidental beneficiaries in the context of contracts.
Verified Answer
VA
Learning Objectives
- Comprehend the principle of third-party beneficiaries within the realm of contract law and the entitlements they hold.
- Differentiate between deliberate beneficiaries and accidental beneficiaries in the context of contracts.