The Release of One Party to a Contract and the Substitution

question 26

Multiple Choice

The release of one party to a contract and the substitution of another party for the released party is called:

• A) a substitution by law
• B) a summation
• C) a novation
• D) an adjudication
• E) an accord and satisfaction

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Definitions:

Occupational Prestige

The collective societal perception of the respect, admiration, or importance associated with a job or career.

Socio-economic Status

A measure of an individual's or group's economic and social position in relation to others, based on income, education, and occupation.

Conspicuous Consumption

The act of buying and using products to make a statement about social status rather than to meet the basic needs.

Closed System

A social system in which status is based on attributes ascribed at birth.