Which of the following is a mutual agreement,between all parties concerned,for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another?
A)Novation
B)Ratification
C)Accession
D)Proclamation

Question

Quizplus · Accepted Answer

A novation is a mutual agreement,between all parties concerned,for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another,or a like agreement for the discharge of a debtor to his or her creditor by the substitution of a new creditor.

Which of the Following Is a Mutual Agreement,between All Parties