Which of the Following Is NOT a Way to Discharge

question 6

Multiple Choice

Which of the following is NOT a way to discharge contractual obligations by mutual agreement?

• A) Accord and satisfaction
• B) Novation
• C) Substituted contract
• D) Mutual rescission
• E) Anticipatory repudiation

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Definitions:

Fixed-Rate Mortgage

A home loan with an interest rate that remains the same for the entire term of the loan, providing predictable monthly payments.

Interest Rate

The amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets.

Mortgagor

The borrower in a mortgage agreement, who pledges property to the lender as security for the loan.

Fixed Rate

An interest rate that remains constant over the duration of the loan, bond, mortgage, or any financial product.