____________________ Is a Favorable Reputation Producing an Expectation of Future

question 34

Short Answer

____________________ is a favorable reputation producing an expectation of future business.

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Definitions:

Novation

The act of replacing one obligation with another, effectively creating a new contract and releasing the original party from responsibility.

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Delegation

The act of assigning responsibility or authority from one person or group to another person or group.

Promisee

In a third-party beneficiary contract, the party to the contract who owes something to the promisor in exchange for the promise made to the third party.