Which of the following is a technique by which a new party is substituted for one of the old parties,and a new contract is written (with the consent of all old and new parties)to effect the desired change?
A) Novation
B) Substitution
C) Formal change
D) Verified change

Question

Quizplus · Accepted Answer

Novation is a legal technique where a new party replaces an original party in a contract by agreement with all parties involved. This new party assumes all rights and obligations of the original party, and a new contract is written to reflect this change. Substitution, formal change, and verified change are not commonly used terms in the context of contract law.

Which of the Following Is a Technique by Which a New