Which of the Following Refers to an Agreement That Substitutes

question 66

Multiple Choice

Which of the following refers to an agreement that substitutes a new party for one of the original contracting parties and relieves the existing party of liability on the contract?

• A) novation
• B) substituted contract
• C) mutual rescission
• D) accord

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Definitions:

Extracted More Quickly

The act of removing or obtaining resources at an accelerated rate from an environment or source.

Renewable Natural Resources

Things such as forests, water in reservoirs, and wildlife that are capable of growing back or building back up (renewing themselves) if they are harvested at moderate rates.

Property Rights

Legal rights to possess, use, and dispose of assets, including tangible and intangible property.

Open Ocean

The vast expanse of seawater that is not in close proximity to any landmass, often referred to as the high seas.