Which of the following is an exception to the privity rule regarding third-party beneficiaries?

The concept of privity of contract necessitates that only the parties involved in a contract have rights and obligations under that contract. However, there are exceptions that allow third parties to benefit from a contract, one of which includes collateral contracts. A collateral contract can create rights for third-party beneficiaries, allowing them to enforce the terms even if they are not directly involved in the original agreement.

Collateral contracts arise when there are secondary agreements that support or are linked to the primary contract. For instance, if a property is sold with a warranty, a third party may be able to benefit from that warranty even though they were not part of the original sale contract. This shows that such agreements can create enforceable rights for individuals who are not part of the initial contract, thereby providing a clear exception to the privity rule.

The other options do not inherently create rights for third-party beneficiaries. Verbal agreements, while valid, do not provide any specific exception to the privity rule. Written consent and mutual agreements can relate to aspects of contract formation and modification but do not tangibly alter the rights of third parties in the context of contract enforcement. Thus, collateral contracts stand out as a clear exception within the framework of third-party beneficiary rights.