Difference between parties and participants

[Guest]

Test No. incompl/advan-26 "Agreements", question 4

One of the ......... mentioned in the original agreement has decided that she does not want to continue with the profit-sharing scheme.

(a) partakers
(b) participants
(c) particles
(d) parties

Test No. incompl/advan-26 "Agreements", answer 4

One of the parties mentioned in the original agreement has decided that she does not want to continue with the profit-sharing scheme.

Correct answer: (d) parties

Your answer was: incorrect
One of the participants mentioned in the original agreement has decided that she does not want to continue with the profit-sharing scheme.
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Help! What woud have been the indication for using "parties"?

[Alan]

Party is a word used in an official sense to describe the people/person or organization involved in some kind of agreement or possibly dispute. So, if you have two people involved in a dispute and then that disagreement is settled, you would say: Both parties have agreed with the decision.
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