Examlex
Which of the following is NOT a category in the U.S. balance of payments account?
Novation
Novation is the legal act of replacing an existing obligation with a new one, substituting a new party or obligation into an original contract.
Original Promisor
The individual or entity who initially makes a promise in a contractual agreement, especially in contexts involving subsequent assignments or transfers of obligations.
Original Promisee
The individual or entity to whom a promise or commitment is initially made in a contractual agreement.
Breach of Contract
A situation where one or more parties fail to fulfill the terms agreed upon in a contract.
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