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Can you please help me understand these three terms?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Can you please help me understand these three terms?

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Vijay.
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  • March 9, 2021 at 10:41 am #614031
    accountguy
    Member
    • Topics: 32
    • Replies: 19
    • ☆☆

    Can you please help me understand these two terms?

    Exclusion Clauses
    Doctrine of Privity

    March 20, 2021 at 9:10 pm #614846
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    Hi

    So an “exclusion clause” is any clause that seeks to avoid liability e.g. Some companies have a contractual clause in their contracts stating “We are not liable for any damage caused whilst you are on our premises, its at your own risk”.

    Doctrine of Privity- means that only the 2 parties to a contract can enforce the contract. Third parties can not enforce the contract. So for example if I have a contract to borrow money from a bank, only me and the bank can enforce the contract. My wife (a third party) does not have any rights on my contract as it is “private/privity”.

    Does this help?

    Vijay

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