A(n)____ is a substituted contract that involves an agreement among three parties to substitute a new promisee in place of an existing promisee,or to replace an existing promisor with a new one.
A) accord
B) satisfaction
C) novation
D) mutual rescission

Question

Quizplus · Accepted Answer

A novation is a substituted contract that involves an agreement among three parties to substitute a new promisee in place of an existing promisee, or to replace an existing promisor with a new one. An accord refers to an agreement in which a debtor offers to perform a different performance in satisfaction of an existing duty. Satisfaction occurs when the parties to a contract agree to discharge the obligations under the contract in a manner other than what was originally agreed upon. Mutual rescission refers to the agreement by parties to a contract to terminate the contract.

A(n)____ Is a Substituted Contract That Involves an Agreement Among