Examlex
Assume that a college student purchases only diet soda and potato chips. The substitution effect associated with a decrease in the price of a potato chips will result in
Implied Novation
A legal concept where a new contract is assumed to replace an old one due to the actions or situations of the parties involved, without this being explicitly stated.
Actual Novation
The replacement of an existing obligation with a new one, extinguishing the original obligation and creating a new contract with different terms.
Buyout Price
The agreed amount for which an ownership interest in a business can be purchased outright.
Court Order
A formal instruction issued by a court that requires a person or entity to do or not do something.
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