Identify the type of third party benefi ciary in the following transactions. Explain your answer in each. a. Harry and Dorothy build a pool and tennis court in their backyard to increase their property value. Prior to the renovations, their next door neighbor’s house was valued at $300,000. After the renovation, the house was valued at $325,000. b. Danny wants to purchase a life insurance policy where his second wife, Ellie, is the benefi ciary. Danny divorces Ellie and changes the benefi ciary to his children, Penny and Brady, from his fi rst marriage. Ellie is upset when she fi nds out. c. Rider and Big Marv are prisoners in the Huntsland State Prison. Th e prison enters into a food service contract with Food Ventures, Inc. Rider and Big Marv hate the food and sue the prison to change its food service vendor. d. Skinny Legs loans money to Clark in the amount of $5,000. Clark is having trouble paying the loan to Skinny Legs, so Clark arranges to sell the loan to George for $3,350.
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