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Discuss a third-party contract that you were personally involved in and name the parties to the...

Discuss a third-party contract that you were personally involved in and name the parties to the contract.
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Answer #1

Third party contracts are agreements that involve a person who isn't a party to a contract but he is involved with the transaction. Generally third party contracts are entered as a security.

Let me given an example:

My cousin has applied for a loan from the bank for which bank requested guarantee. I guaranteed myself to the bank for the loan which is a third party contract where i don't have any interest in the loan transaction.

Like wise third party contract plays an important role in various aspects.

Another example validating the data by third party before purchase.

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