When one party is substituted for another in a contract, this is called which of the following:

a. Levi
b. Subordination
c. Novation
d. Curtilage.

Answer: c. Novation

Business

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Which method(s) may be used to record a loss due to a price decline in the value of inventory?

a. Cost-of-goods-sold. b. Sales method. c. Loss method d. Both a and c

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The ________ is a uniform disclosure document that requires a franchisor to make specific presale disclosures to prospective franchisees

A) UFOC B) UCC C) UCITA D) SEA

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