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:

Reference Group

A group to which an individual or another group is compared, serving as a model for behaviour or beliefs.

Social Class

A division of society based on social and economic status, affecting people's opportunities, lifestyle, attitudes, and behavior.