Business Enterprise Company agrees to sell a commercial office building and parking garage to City Investments,Inc.,which assigns the rights to the realty to Downtown Properties,LLC.Downtown Properties does not yet exist,but once it is created and comes into existence,the contract on novation will most likely be

Question

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Novation is a valid transfer of rights and obligations from the original party to a new party. In this scenario, the contract on novation will most likely be enforceable because all of the parties involved have agreed to the transfer of rights to Downtown Properties, LLC. However, it is important to ensure that all legal requirements for novation have been met.

Business Enterprise Company Agrees to Sell a Commercial Office Building