Please Define the Following Key Terms

question 91

Short Answer

Please define the following key terms.
-developed nations

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Definitions:

Novation

A legal process where an old debt, obligation, or contract is replaced by a new one, effectively extinguishing the original agreement and substituting it with a new party or terms.

Obligor

An Obligor is the party in a contractual agreement who is bound to provide a specified performance to another party, the obligee.

Obligee

The party in a contractual agreement who is owed a duty or obligation by another party, the obligor.

Third-Party Donee Beneficiary

A person who benefits from a contract between two other parties, although they are not one of the contract's signatories.