Under a/an _____ agreement,the original lender may transfer all the rights and obligations of the original loan agreement to a third party.

Question

Quizplus · Accepted Answer

A novation agreement involves replacing the original party in a contract with a new party, effectively transferring all rights and obligations from the original party to the new one. This is applicable in the context of loans where the original lender wants to transfer their position to a third party.

Under A/an _____ Agreement,the Original Lender May Transfer All the Rights