Molly and Craig Are the Original Parties to a Contract

question 43

Multiple Choice

Molly and Craig are the original parties to a contract.Craig is obligated to design a Website for Molly.They subsequently make an agreement with Eric that Eric should take the place of Craig and assume all of Craig's rights and duties under the contract.The agreement releases Craig from his obligations under the contract.This agreement is

• A)a novation.
• B)an accord and satisfaction.
• C)an assignment.
• D)a nullification.

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Definitions:

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, typically used when monetary compensation is not adequate.

Sale Of Goods

The transaction between a seller and a buyer in which the ownership of tangible personal property is transferred from one to the other, usually in exchange for money.

Restitution

The act of restoring lost or stolen goods to their rightful owner or compensating for loss or damage.

Equal Bargaining Positions

A situation where negotiating parties possess similar power and leverage, promoting fairness in the negotiation outcome.