A Novation Occurs When There Is a Substitution, by Agreement

question 20

True/False

A novation occurs when there is a substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.

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Definitions:

Friendly Fire

An incident where a person or target is accidentally harmed by forces from their own side during a conflict.

Forest Fire

A large, uncontrolled blaze occurring in wooded areas, which can cause significant ecological and property damage.

Water Damage

Harm caused to property by water intrusion from various sources such as flooding, leaks, or moisture, which can lead to structural damage, mold, and other issues.

Professional Insurance

Insurance coverage aimed at professionals that protects them against potential claims made by their clients for errors, omissions, or negligence in the performance of their professional duties.