QuestionJuly 10, 2025

Question 26 The substitution or exchange of a new contract for an existing one with intent to cancel the old contract is called: novation cancellation illusory exchanging 1 pts

Question 26 The substitution or exchange of a new contract for an existing one with intent to cancel the old contract is called: novation cancellation illusory exchanging 1 pts
Question 26
The substitution or exchange of a new contract for an existing one with intent to cancel the
old contract is called:
novation
cancellation
illusory
exchanging
1 pts

Solution
4.7(373 votes)

Answer

novation Explanation The process of replacing an old contract with a new one, while intending to cancel the original agreement, is known as novation. This legal term signifies that both parties agree to the change and release the old obligations.

Explanation

The process of replacing an old contract with a new one, while intending to cancel the original agreement, is known as novation. This legal term signifies that both parties agree to the change and release the old obligations.<br /><br />
Click to rate:

Similar Questions