A novation is said to take place when continuing partners release a dissociated partner from liability but creditors do not release him.

Name: A novation is said to take place when continuing partners release a dissociated partner from liability but creditors do not release him.
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Question

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Novation occurs when (1)the continuing partners release a dissociated partner from liability on a partnership debt and (2)a partnership creditor releases the dissociated partner from liability on the same obligation.

A Novation Is Said to Take Place When Continuing Partners