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. 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.