An Agreement Whereby Parties Agree to Accept Something Different in Satisfaction

question 43

Multiple Choice

An agreement whereby parties agree to accept something different in satisfaction of the original contract is called a(n) ________.

• A) accord
• B) discharge
• C) novation
• D) accommodation

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Definitions:

Ethnocentric

The belief in the superiority of one's own ethnic group or culture, often accompanied by a generalized view of other cultures.

Geocentric

An approach in international business where company policies are based on global standards rather than local or home country practices.

Polychronic

A cultural attitude towards time management where people handle multiple tasks simultaneously and consider time as more fluid.

Universal

A term that implies applicability or relevance to all cases or situations without exception.