Barb and Conrad Are Parties to a Contract

question 56

Multiple Choice

Barb and Conrad are parties to a contract. They agree on a novation. The novation requires

• A) the existence of a previous, valid obligation.
• B) consideration greater than $5,000.
• C) performance of the original contract by all of the parties.
• D) an accord and satisfaction.

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Definitions:

Strategic Control

A process used by organizations to monitor and adjust their strategies to meet their goals and respond to internal and external changes.

Employee Morale

The overall outlook, attitude, satisfaction, and confidence that employees feel at work, which directly affects their productivity and company loyalty.

Giant Manufacturing

Giant Manufacturing refers to large-scale production and operation activities in industries, typically involving the mass production of goods.

Schwinn

A brand known for its bicycles, representing a case study in business for its successes and failures over time.