Businessman working ,Review Time words.Each module has a set of review questions to assist you in learning the materials and help you prepare for the final exam. Spend quality time responding to the following questions in your own words.
1.Describe the purpose of a third party beneficiary contract and explain two common types.
2.You have just won a contract with the federal government. 4
You are the prime contractor and plan on using subcontractors. Explain the Privity of Contract Rule for this government contract.
3.What is breach of contract? Summarize the remedies available for breach of contract and damages.
4.Describe a liquidated damages clause and specify when this type of clause may be used in a business contract.
