Which of the following refers to an agreement that substitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract?
A) a novation
B) a substituted contract
C) a mutual rescission
D) an accord

Question

Quizplus · Accepted Answer

A novation is a type of agreement that substitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract. This typically occurs when one party wants to transfer their rights and obligations to a new party.

Which of the Following Refers to an Agreement That Substitutes