A novation requires
A)the existence of a previous, valid obligation.
B)consideration greater than $5,000.
C)performance of the original contract by all of the parties.
D)an accord and satisfaction.

Question

Quizplus · Accepted Answer

A novation requires the existence of a previous, valid obligation. It involves replacing an original party or obligation in a contract with a new one, but it does not necessitate a specific consideration amount, the performance of the original contract by all parties, or an accord and satisfaction.

A Novation Requires