A Novation Requires

question 36

Multiple Choice

A novation requires

• A)the existence of a previous, valid obligation.
• B)consideration greater than $5,000.
• C)performance of the original contract by all of the parties.
• D)an accord and satisfaction.

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Definitions:

Payoff Table

A decision-making tool that outlines the possible outcomes and their respective returns or losses for different actions or decisions under consideration.

Sample Information

Data or facts obtained from a subset of a larger population, used for the purpose of statistical analysis or estimation of parameters of the entire population.

Expected Monetary Value

A statistical technique used in decision-making to calculate the average outcome when the future includes scenarios that may or may not happen.

Expected Payoff

Expected Payoff is a term often used in economics and finance to describe the average outcome of a set of uncertain events, considering each possible outcome and its probability.