Describe the Process of Novation

question 67

Essay

Describe the process of novation.Explain whether or not the process requires consideration.If so, explain how consideration is provided.

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Definitions:

Corporations

Legal entities recognized under the law, able to own property, incur debt, sue and be sued, and conduct business activities.

Ethical Initiatives

Actions or policies implemented by an organization to promote ethical behavior among its stakeholders and to ensure compliance with ethical standards.

Internally

Pertaining to or situated within the interior or inside of something, often referring to operations or processes within an organization.