The release of one party to a contract and the substitution of another party for the released party is called:

Question

Quizplus · Accepted Answer

The term for the release of one party to a contract and the substitution of another party is called a novation. This means that the original contract is replaced with a new contract that includes the substituted party. The substituted party becomes responsible for fulfilling the terms of the original contract.

The Release of One Party to a Contract and the Substitution