Choose the one most appropriate answer for each.
-the substitution of a new contract for an existing one
A)assign
B)attorney-in-fact
C)breach of contract
D)competent party
E)consideration
F)counteroffer
G)duress
H)forbear
I)fraud
J)liquidated damages
K)money damages
L)mutual agreement
M)novation
N)offeror
O)rescind
P)specific performance
Q)statute of frauds
R)unilateral contract
S)void contract
T)voidable contract

Question

Quizplus · Accepted Answer

The term "novation" refers to the substitution of a new contract for an existing one, often with the agreement of all parties involved.

Answer: P
 "Specific performance" refers to a legal remedy in which a court orders one party to fulfill their obligations under a contract. This could apply in the case of a substitution of a new contract for an existing one if one party is not willing to follow through on the terms of the new agreement.

Answer: T
 A "voidable contract" is one that is legally binding, but which may be voided by one or more parties for reasons such as fraud, duress, or incapacity. If the substitution of a new contract for an existing one was made under questionable circumstances, it could potentially be considered voidable.

Choose the One Most Appropriate Answer for Each