The process by which the original parties to a contract agree to allow an outside party to perform the contract is called a
A) Accord and Satisfaction
B) Novation
C) Discharge
D) Rescission

Question

Quizplus · Accepted Answer

Novation is the process where the original parties to a contract agree to substitute a new party for one of the original parties, thereby allowing an outside party to perform the contract. This involves the mutual agreement of all parties involved, including the new party.

The Process by Which the Original Parties to a Contract