Is a Type of Discharge of Contract in Which New

question 82

Multiple Choice

is a type of discharge of contract in which new parties are substituted for the original parties to the agreement.

• A) Impossibility of performance
• B) Accord and satisfaction
• C) Novation
• D) Condition subsequent

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Definitions:

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing to provide.

Tax Revenue

The earnings obtained by governments from tax collection.

Consumer Surplus

The contrast between what consumers intend to pay for an item or service and the real cost they bear.

Producer Surplus

The gap between the price producers are prepared to take for a product and the price they end up getting.