Examlex
Which of the following statements about the PowerPoint Show format is TRUE?
Substituted Contract
An agreement that replaces an existing contract, typically with the consent of all parties involved, establishing new terms and obligations.
Novation
The act of replacing one party in a contract with another party, or altering the terms of a contract, with all parties' consent, resulting in a new agreement.
Material Breach
A significant violation of a contract that permits the other party to either compel performance, seek remedies for damages, or terminate the agreement.
Nonbreaching Party
The party in a contract who has not violated the agreement and may be entitled to legal remedies.
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