Tenant has a lease on an apartment through December of the current year.Tenant and Newtenant go to Landlord to have Newtenant take over the lease through the end of December.Landlord agrees and releases Tenant from any responsibility under the lease.This is a(n):

Question

Quizplus · Accepted Answer

Novation is the substitution of a new contract for an existing one, thereby releasing the original party from any further obligations. The scenario in the question describes a situation where Newtenant is taking over the lease from Tenant, and the landlord is releasing Tenant from any responsibility under the original lease. This is an example of novation. Choice A, substituted contract, is not accurate as there is no substitution of a new contract. Choice B, accord and satisfaction, is also not the best choice as this concept typically applies to debts, not leases. Choice D, mutual rescission, is not accurate as there is no indication that the original lease is being terminated.

Tenant Has a Lease on an Apartment Through December of the Current