Examlex
Which of the following statements is most accurate?
Substituting a New Contract
Replacing an existing contract with a new one, which extinguishes the obligations under the original contract.
Mutual Consideration
In contract law, mutual consideration is the exchange of value or promises between parties that is a requisite for the formation of a binding contract.
Past-due Undisputed Debt
A debt that is acknowledged by the debtor but has not been paid by the agreed-upon due date.
Promisor
An entity or individual who makes a promise to perform a certain action or duty within a contract.
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