Which of the following statement is correct? Correct

statement$/$s All correct None

correct

The rights and duties set by a contract are confined to the parties

of the contract; this principle is called Privity rule

Obligations and benefits under a contract are confined to the

parties of the contract; this principle is called Privity Liability

The mutual obligations set by the terms of a contract are confined

to the parties who signed that contract.

Obligations and rights under a contract are confined to the parties

of the contract; this principle is called Privity rule.

The mutual benefits set by the terms of a contract are confined to

the parties who signed that contract.