I stumbled upon this setting because of an exam question where they stated you could set permissions on related contacts of an account in a sharing rule for accounts. But it writes "contract" not "contact".

But generally, what is the "default account" of an account?

If I set it to "Read Only" (or Read/Write) does it matter what the permissions on the acccount itself are?

In a sharing rule for accounts you can set permissions for closely related objects like Contract, Opportunity, Case. But I miss Contact. How do you grant permission to all related contacts of an account?

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