Examlex
The curve in the diagram below is called:
Substituted Contract
An agreement that replaces an existing contract, typically with the consent of all parties involved, establishing new terms and obligations.
Novation
The act of replacing one party in a contract with another party, or altering the terms of a contract, with all parties' consent, resulting in a new agreement.
Material Breach
A significant violation of a contract that permits the other party to either compel performance, seek remedies for damages, or terminate the agreement.
Nonbreaching Party
The party in a contract who has not violated the agreement and may be entitled to legal remedies.
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