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

This situation is an example of a novation, where a new party (Newtenant) is substituted for an original party (Tenant) in a contract (the lease). The landlord agrees to release the original party from any responsibility under the lease, and the new party takes over those obligations instead.

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