Examlex
Which of the following tests would be bested suited to an 8-year-old child?
Novation
The act of replacing an existing obligation with a new one, thereby extinguishing the original contract and creating a new agreement.
Statutory Assignment
refers to the legal transfer of rights from one party to another, based on statutory laws rather than contractual agreement.
Equitable Assignment
The transfer of future rights to benefits in a contract to another party, recognized by equity courts.
Novation
The process of replacing an existing obligation with a new one, effectively transferring the rights and duties to another party.
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